Yesterday’s arrival of Breathing Space should be celebrated. Lenders’ forbearance obligations were already a core regulatory requirement of collections activities. Strengthening that requirement, and extending it to non-regulated debt, can only be positive. It is just another example of the regulator’s and government’s increasing expectations of how businesses protect vulnerable customers.
Miss the biggest fin-tech story of the month? In this article, we’ve put together a round-up of articles on the breathing space announcement.
Please note: The insights provided in this section are commonly republished from third-party sources. Articles are the exclusive opinions of the authors. PrinSIX Technologies Ltd accepts no liability for their accuracy or for any consequential impacts of any actions resulting from the use of this information.
- BBC News – People in problem debt get 60-day break scheme
- Gov.uk – New scheme to give people in problem debt breathing space launched
- FT Adviser – Treasury launches ‘breathing space’ scheme for problem debt
- Yahoo finance – Scheme launched to support people struggling with debt
- Money Saving Expert – New help for millions in debt crisis – you can now get two months’ ‘breathing space’ from interest and enforcement action
A revealing report found that over 55% of Building Societies now recognise the opportunity presented by Open Banking.
The FCA’s Principle 6 - 'A firm must pay due regard to the interests of its customers and treat them fairly'. Something financial services providers must cope with, or embrace?The lenders’ balancing actIt’s never been easy to get consumer lending right. In addition to...
Welcom Digital selects PrinSIX Technologies to deliver integrated end-to-end digital lending journeys
Welcom Digital, developer of Financier™ selects PrinSIX digital onboarding platform to deliver end-to-end digital lending journey solution.