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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-04-29T11:44:00
Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears.
The Financial Conduct Authority (FCA), plus sectoral regulators Ofwat, Ofgem, and Ofcom, issued joint guidance last month to companies they regulate about how they pursue debts. The FCA said it fined companies a total of 90 million pounds (U.S. $113 million) for related failures in 2020 and made them pay more than £570 million (U.S. $714 million) in compensation to customers.
The FCA followed up in April with its final version of guidance for financial services firms aimed at protecting consumers in financial difficulties. The FCA said in a press release it found 7.4 million people were struggling to pay bills and credit repayments in January.
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News and analysis for the well-informed compliance or audit exec.
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2024-04-24T15:05:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.
2024-03-05T20:55:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
2024-02-23T12:22:00Z By Neil Hodge
Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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