Wednesday, October 20News That Matters
Shadow

Tag: tougher

£2.7bn buy-now-pay-later market to face tougher rules after review

£2.7bn buy-now-pay-later market to face tougher rules after review

Business
Interest-free "buy-now-pay-later" (BNPL) deals face tighter regulation under plans announced by the government.A review published by the Financial Conduct Authority (FCA) found that the currently unregulated use of BNPL products nearly quadrupled to £2.7bn during 2020 and five million people had used them since the start of the pandemic. It concluded the market should be brought under regulation "as a matter of urgency" as there was "significant potential for consumer harm". Image: Companies such as Klarna have seen customer numbers surge The Treasury said interest-free BNPL agreements will now be regulated by the FCA.It means that providers will need to undertake affordability checks before lending and ensure that customers are treat...
Hancock: Follow Covid rules or they will get tougher

Hancock: Follow Covid rules or they will get tougher

Health
Media playback is unsupported on your device Covid restrictions in England will get tougher if rules are not followed, Matt Hancock has warned, as the government introduces £10,000 fines for people who fail to self-isolate.The health secretary told the BBC's Andrew Marr show the country was facing a "tipping point and we have a choice"."If everybody follows the rules then we can avoid further national lockdown."The prime minister is understood to be considering a ban on households mixing, and reducing opening hours for pubs.Asked if England could face another national lockdown, Mr Hancock said: "I don't rule it out, I don't want to see it."In the BBC interview, he also said: He would call the police on people who refused to self-isolate He den...
Lords urge tougher rules for tech firms

Lords urge tougher rules for tech firms

Technology
Tech firms, such as Google and Facebook, must improve their "inadequate" responses to privacy and data breaches and anti-social content, a House of Lords report says.The House of Lords Communications Committee wants a digital authority to help laws keep pace with technology.Content moderation used by tech firms was "unacceptably slow," it said.The Internet Association, whose members include Twitter and Amazon, said firms were committed to keeping users safe."Our members work hard to keep their services free of some of the most serious issues that the report mentions - from strong terms and conditions; to investment in hiring teams and improving systems for removing inappropriate content," a spokesman from the lobby group said.The...
Pensions: Tougher jail terms for mismanaging funds

Pensions: Tougher jail terms for mismanaging funds

Business
Company bosses could face up to seven years in prison if they mismanage employee pension schemes, says Work and Pensions Secretary Amber Rudd.She wants a new offence of "wilfully or recklessly" mismanaging funds. Plans outlined last year for a maximum sentence of two years in prison were toughened up after public consultation.Ms Rudd told the Sunday Telegraph the law will target "the reckless few". But one ex-pensions minister says civil, not criminal, action may be better.Sir Steve Webb said it could be difficult and time consuming to reach the higher burden of proof needed in criminal cases.The failures of BHS, with a £500m deficit in its pension scheme, and the outsourcing group, Carillion, with an even bigger shortfall, prompted the government t...
Gun owners may find getting self-defense insurance tougher following Florida shooting

Gun owners may find getting self-defense insurance tougher following Florida shooting

Finance
Gun owners who want specialized insurance for their firearms may have less access to one kind of policy following a shooting massacre in Florida last month.Insurance company Chubbsaid on Feb. 23 that it will stop underwriting an insurance policy for gun owners called NRA Carry Guard. The National Rifle Association-branded insurance covers gun owners in the event they face legal action following firearm incidents."Three months ago, Chubb provided notice of our intent to discontinue participation in the NRA Carry Guard insurance program under the terms of our contract," Chubb said in a statement.Lockton, another insurance company, followedon Feb. 26 with the announcement that it will no longer sell products tied to the NRA, including Carry Guard insurance and insurance for gun show operators...