The monthly round-up of news, guidance, legislation, and case law from Shelter's Specialist Debt Advice Service.
News and legal updates
In this month's legal round up, find details of the FCA’s review of the Consumer Duty so far, proposed enforcement conduct standards, support for the inclusion of claimant data on the Register of Judgments, and prosecution for a fraudulent Bounce Back Loan application.
Consumer Duty: six months on
The Financial Conduct Authority (FCA) has published a review of the Consumer Duty, six months since implementation. The FCA reports good practice, such as when firms:
change their company purpose to ensure staff focus on good customer outcomes across the business
change service level metrics, taking action to improve standards
increase focus on the customer at Board level and senior leadership teams
The FCA highlights some areas that require improvement, including where firms:
wait for the FCA to intervene rather than proactively addressing issues themselves
need better data and monitoring strategies
Consumer Duty implementation: good practice and areas for improvement
Enforcement Conduct Board standards
The Enforcement Conduct Board will launch new standards in Autumn 2024 setting out ECB expectations for individual agents and agencies in the enforcement sector. The ECB’s intention is for their standards to replace the current National Standards so that there is one clear set of standards for enforcement agents and agencies to follow.
The ECB wants to hear from the enforcement sector and debt advice sectors respectively. It will be carrying out a series of workshops, interviews and webinars in person and online to gather views and test ideas.
Enforcement Conduct Board standards
Civil Justice Council supports inclusion of claimant data on Register of Judgments
In its response to the Ministry of Justice consultation, the Civil Justice Council supports the case for the publication of claimant details on the Register of Judgments, Orders and Fines.
However, they recommended that mechanisms are put in place to anonymise claimant data where they are subject to an anonymity order, and that any reform should ensure that vulnerable claimants are protected.
Civil Justice Council response to Ministry of Justice consultation
Insolvency Service prosecutes self-employed construction contractor for fraudulent Bounce Back Loan application
A self-employed construction contractor received a £20,000 Bounce Back Loan in August 2020, but used the funds for personal and family use. In August 2021 he was declared bankrupt. As a result of the Insolvency Service prosecution, he received a suspended prison sentence and was ordered to repay the loan.
Self-employed construction contractor prosecution
Case law
Find debt case law summaries by topic on Shelter Legal.
Court discretion to make a bankruptcy order
The court has jurisdiction to make a bankruptcy order even if a debt is in dispute.