Welcome to this new area of the Networking and Information Sharing web space. Here you will find my pick of this month’s blog posts from the industry’s expert bloggers.
This month my favourite read was by Meg Van Rooyan at the Money Advice Trust:
In her article, Meg explores a possible solution in Financial Conduct Authority (FCA) regulation of the bailiff industry. The article concedes that reforms of the bailiff industry has seen some improvement, ( the range of exempt goods widened, a clearer fee structure, modernised language and better signposting to sources of free debt advice), however, there is little doubt that advisers still have issues with bailiff conduct. Changing the behaviour of bailiffs was the key objective of the reforms and this, the article argues, has not been achieved.
The FCA already authorises debt collection firms, and some of these offer enforcement services, says Meg. The FCA does not regulate this part of the debt collection service’s activities and it would take little change or cost to expand the FCA’s remit.
In other blogs
Protection for tenant deposits and rent payments
I found this article by Ruth Ehrlich very interesting. It explains the new legislation that provides the protection of tenants’ deposits and also rent payments that is held by letting agents. Previously there has been no requirement for letting agencies to provide any protection over the money that they held.
Letting agents apparently hold over 2.7 billion of rent and deposits, and up to now that money has not been protected. Landlords and tenants have suffered due to unscrupulous agents or agents going out of business. Now there will be hefty penalties if letting agents fail to join a scheme to protect money, or fail to protect the money that they hold. Good news.
Wonga complaints and claims
Finally, Sara from Debt Camel has provided consumers with details of the new online claims portal from the administrators of Wonga. This portal allows customers of Wonga to make a complaint and a claim for a refund for any unaffordable loans. She provides helpful advice about how to claim. https://debtcamel.co.uk/wonga-claims-portal/
Sara has written a sister article that is kept updated. This explains the issues with Wonga and explains in some detail how the administrators are going to deal with customer accounts and in particular complaints about unaffordable lending. https://debtcamel.co.uk/wonga-has-stopped-issuing-loans/
Have you read any good blogs recently? Let us know in our discussion forum.
More blogs next month.
In other news
Have you seen the draft confirmation of advice letters in our discussion forum? Two agencies have shared their draft letters to encourage discussion about what these letters should contain and ask “what does good look like?” Join in the discussion and maybe share your letter too. It’s good to share.