CAB News 14 June 2019

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CAB News 14 June 2019

Image result for fca regulations buy now pay later borrowing

Friday 14 June 2019

Our reaction to the Financial Conduct Authority’s changes to the regulations on Buy Now Pay Later borrowing, which includes catalogue credit, store cards and retailers that offer finance at the point of sale, has been reported by both the broadsheet and tabloid national newspapers.

National

Financial regulator to tighten ‘buy now pay later’ rules

Financial Times (subscription required), 12/06/2019, Sarah Provan

Citizens Advice featured prominently in the Financial Times’ reporting of the FCA’s decision to tighten the rules on “buy now pay later” policies, potentially saving consumers up to £60m a year.

Gillian Guy said: “The new rules won’t stop people being hit by these unexpected costs on unpaid amounts.

“To better protect people, the FCA should go further and only allow firms to charge interest once the promotional period ends.”

The story was also covered by The Times and The Sun. The Times reported that these debts are the second most common credit issue after overdrafts that Citizens Advice is asked to help people with. The Sun listed some of our advice on how to cut the cost of your debt.

You can read our full statement here.

Universal Credit

Help to Claim will make a difference to those who find it hard to claim

Today in Parliament, Radio 4,12/06/2019, Sean Curran (23.41pm – about 10′ into clip)

Our Help to Claim scheme was held up as a way of improving the experiences of people applying for Universal Credit on the Radio 4’s Today in Parliament.

The programme featured the evidence of Department of Work and Pensions Minister, Will Quince, to a parliamentary committee investigating the difficulties of people applying for the benefit.

The Work and Pensions Committee was focusing on women who have turned to sex work – so-called “survival sex” – because of delays in the system.

The minister said he desperately wanted to see improvements and Help to Claim was a relatively new partnership which would help people who found the application process difficult.

Advice

Can life insurance be cancelled? When’s the best time to act?

Daily Express, 11/06/2019, Jess Sheldon

The advice on our website on how to cancel a life insurance policy was used by the Daily Express.

“As Citizen’s Advice explains, the cooling-off period is 30 days for those who have bought life insurance,” as opposed to 14 days for other policies,” said the paper.

The story used a large amount of our advice, including the tip that if you want to cancel a policy because you’ve found a better deal “it may be easier and cheaper to wait until your policy is due for renewal.”

Fraud

‘It didn’t feel like a scam, but I lost £520’

BBC News, 10/06/2019, Simon Read

Our Scams Awareness campaign continued to receive national media coverage. On the BBC website Christine, who come to us for help after being scammed out of £520, explained why she decided to talk about her experience:

“People need to speak up about this sort of thing. Had I known the warning signs of scams – like being asked to pay up front in cash – alarm bells would’ve rung and I’d have thought twice about handing over my money.”

Gillian Guy told the BBC: “Even in this digital age where online scams are on the rise, scammers are continuing to use traditional routes to prey on people.

“Tactics like doorstep selling, sending unsolicited letters and cold calling give scammers the opportunity to build a relationship with their victim.”

Citizens Advice

“I urge you to go to Citizens Advice” – Judge Rinder

itv, 07/06/2019, Judge Rinder

“I urge you in the strongest possible terms to go an get assistance from Citizens Advice and take this matter further,” Judge Rinder told a couple on his show who had split up, and were now arguing about a joint debt to a utility provider which had escalated from £700 to more than £1,300.

After appearing before Judge Rinder, the couple were seen agreeing to go to seek help from Citizens Advice.

Get free advice if you’re worried about an overdraft

We were also mentioned on ITV’s Lunchtime News on Friday when Financial Expert Jasmine Birtles, talking about changes to bank overdraft fees, said people who were experiencing difficulties with budgeting should not “suffer on your own,” but contact “great charities” like Citizens Advice.

And Martin Lewis, on yesterday’s edition of This Morning, also on ITV, also urged anyone with money worries to contact Citizens Advice.

How we started out

Civil Society, 29/05/2019, Kirsty Weakley

An article in Civil Society outlined the history and development of some of the country’s best known charities, including Citizens Advice.

The magazine noted that we’ve been giving out eggs-cellent advice for decades: one early enquiry was whether you could still get an egg ration if your hens didn’t lay any.

In other news

Childcare crisis hitting poor families hardest.

Social housing residents ‘second-class citizens’ over home repairs.

Alcohol labelling ‘not up-to-date’.