Meghan Webb’s Post

It's interesting to see the Financial Ombudsman Service's half-year complaint figures (H2 2023). The FOS warned in early March that there would be a spike in credit card affordability complaints driven by claims management companies, and that seems to have played out in these numbers. From the March update, we know that almost three-quarters of these have come from claims management companies. Shockingly, those CMCs were winning just 14%. Those in consumer credit know that even more shocking is that the 86% of firms winning their cases still have to pay a £650-£750 fee when they win. More than ever, we need reform of the system. We hope that the FOS will listen to all those asking for change. https://lnkd.in/eaFXbe3p

🌏 Financial Regulation Weekly Update (New Zealand & Australia) ✳ NEW ZEALAND FMA has filed civil proceedings against ASB Bank Limited for allegedly making false or misleading representations in relation to insurance products and banking services. Research from the FMA has found most KiwiSaver providers are well placed to manage their exposure to the commercial real estate market but more work can be done to mitigate and communicate the risks. AUSTRALIA ASIC issues 2024 licensing report on licensing and professional registration activities

https://lnkd.in/eKQuQ6jv The Financial Ombudsman Service have released their half-yearly Complaints data for the second half of 2023, revealing a 20% rise in number of complaints compared to the same period in 2022. Banking and consumer credit related complaints were the main driver of the rise, with current accounts and credit cards responsible for over 40% of complaints in those sectors. Click through to read the data in full - and for some context on the current Complaints landscape, don't miss our article from last week looking at the Financial Ombudsman Service's new Business Plan https://lnkd.in/escX4uRd

FCA Consumer Duty webinar - One year on - 31/7/2024 #costoflivingcrisis #bifd #productsalesdata #complainthandling The Financial Conduct Authority June 2024 regulatory roundup is out and they have scheduled a #consumerduty webinar for 31 July 2024. The webinar will focus on the impact the Duty has had in its first year, including examples of good practice and areas for improvement. They will look at priorities for the year ahead. Sheldon Mills and Graeme Reynolds of the FCA will be joined by Abby Thomas, Chief Executive and Chief Ombudsman, of the Financial Ombudsman Service. It will be interesting to hear what the Ombudsman has to say with the impact of various FCA interventions likely to stimulate more complaints in different regulated sectors. They have been encouraging feedback on proposals to charge Claims Management Companies and other professional representatives up to £250 to lodge a case, reduced to £75 if the case outcome is in favour of the consumer. This closes on the same day as the general election, the 4 July 2024. This may stimulate questions for the webinar. https://lnkd.in/ejy8rCMJ We will know the outcome of the general election at this point. Borrowers in financial difficulty rules (PS24/2 - BiFD) need to be implemented by November 2024 and the FCA has now written to impacted firms around the Product Sales Data (PS23/3) timetable in 2025.     Chris Warburton Melanie Giles Barry Hind FCA webinar link below: https://lnkd.in/e-FQPYcG

🔍📑 New Financial Ombud Scheme tackles complaints in insurance, banking, & credit. Say goodbye to confusion and hello to streamlined resolution. Find out more here. #NFO #FinancialServices #CustomerProtection #DisputeResolution #FinancialOmbudScheme #InsuranceComplaints #BankingDisputes #CreditResolution #CustomerRights #FinancialRegulation #ConsumerAdvocacy #Ombudsman #TheCitizenNews

From Avoiding fraud & scams to Banking and Budgeting, to Loans and Interest, we’ve got the A, B, Cs of finance covered. #FinancialEducation #FinancialFriday Learn more: https://lnkd.in/gwdm7kG5

Why Chargeback Insurance Might Be Worth It for Your Business 1. Protection Against Fraud 🛡️💳: Chargeback insurance shields your business from fraudulent claims and disputes, ensuring you don’t lose out on revenue from dishonest transactions. 2. Reduced Financial Risk 💸📉: It helps cover the costs associated with chargebacks, including lost sales and fees, preventing sudden financial hits and stabilizing your income. 3. Safeguard Business Reputation ⭐️🏦: High chargeback rates can harm your relationship with payment processors. Insurance helps maintain a low chargeback ratio, protecting your standing and avoiding penalties. 4. Saves Time and Effort ⏰🙌: Managing chargeback disputes can be a headache. Insurance providers often handle disputes on your behalf, freeing up time to focus on growing your business. 5. Ensures Predictable Cash Flow 💼📊: With chargeback protection, businesses can manage their cash flow more effectively, knowing that unexpected disputes won’t disrupt financial plans. #CashFlowManagement #BusinessGrowth #BusinessSecurity #BusinessEfficiency

📢 The FDIC just released its Spring 2024 Consumer Compliance Supervisory Highlights, explaining key compliance issues identified in bank examinations. Husch Blackwell's Susan Manship Seaman and Shelby Lomax inform financial institutions of regulatory expectations and recent developments in this legal update: https://lnkd.in/gAEPXHDX #consumercompliance #bankingregulations

Financial crime is on the rise, posing serious risks to your micro-finance business. 🛡️ Stay protected by understanding the key compliance obligations necessary for FIC compliance. Learn more here: https://loom.ly/fkpW4uQ Let’s strengthen your insurance solutions together! 📞 012 021 0111 📧 info@universalchoices.co.za #UniversalChoices #BusinessProtection #FICCompliance #InsuranceSolutions

In a positive stride towards bolstering consumer protection, the Consumer Financial Protection Bureau (CFPB) has recently issued a cautionary advisory to major credit reporting companies, urging them to rectify outdated and inaccurate information prevalent in background check and credit file reports. This commendable move by the CFPB emphasizes the importance of accuracy in consumer reports, especially those utilized for critical screenings such as tenant and insurance evaluations. Let's delve into the details of the CFPB's advisory and its implications for both consumers and the credit reporting industry. #realestateprofessional #realestateadvice