AmEx, Others Agree To UK Consumer Debt Changes

Law360, New York (November 22, 2010, 6:10 PM EST) -- The U.K.'s consumer and competition watchdog said Monday it would require an American Express Co. unit and three other financial institutions to assess a customer's individual circumstances before moving to collect on debts in the courts.

The Office of Fair Trading issued the new requirements for American Express Services Europe Ltd., Alliance and Leicester Personal Finance Ltd., HFC Bank Ltd. and Welcome Financial Services Ltd. to address concerns that lenders are enforcing “charging orders” in problematic ways.

A charging order is a court order that turns...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.