Uk Payday Lenders Face Crackdown

by Charlie Osborne September 30, 2013 8:08 AM PDT The UK government is planning to recruit hundreds of computer specialists to defend core infrastructure against cyberthreats, Conservative Defence Secretary Philip Hammond said Sunday. Speaking at the annual Conservative party conference, Hammond said the United Kingdom was dedicating additional resources and funds to building a strong cyber intelligence and surveillance network, according to Reuters . As cybercrime continues to prove a lucrative way for hackers to steal valuable data for profit or as part of state-sponsored jobs — and many governments struggle to catch up and protect networks adequately against rising attacks — defense budget funds now need to not only consider physical threats, but digital warfare as well. Hammond commented: “Last year our cyber defenses blocked around 400,000 advanced malicious cyber threats against the government’s secure internet alone, so the threat is real. But simply building cyber defenses is not enough: as in other domains of warfare, we also have to deter. Britain will build a dedicated capability to counterattack in cyberspace and if necessary to strike in cyberspace.” In February, the National Audit Office named “addressing the UK’s current and future ICT and cybersecurity skills gap” as a “key challenge.” The NAO report was published as part of the UK’s 650 million pound ($1.09 billion) Cyber Security Strategy scheme, and said it could take “20 years” to address the skills gap at all levels of education. Not only could a dedicated task force of offensive security experts deter hackers in the future, but the Defence Secretary told the Mail on Sunday that cyberstrikes could work “alongside conventional weapons in future conflicts,” disabling communications, nuclear weapons, ships and critical hardware. To establish the new cybersecurity force, the UK will recruit experts in their hundreds from a number of fields. The recruitment drive will include civilian computer experts who will be part of the “Joint Cyber Reserve,” and their role will be to work alongside members of the Ministry of Defence and GCHQ to protect critical infrastructure and prevent data theft. The cost of the program was not disclosed, but recruitment is due to begin in October. Hammond commented : “Increasingly, our defense budget is being invested in high-end capabilities such as cyber and intelligence and surveillance assets to ensure we can keep the country safe. The cyber reserves will be an essential part of ensuring we defend our national security in cyber-space. This is an exciting opportunity for Internet experts in industry to put their skills to good use for the nation, protecting our vital computer systems and capabilities.” The UK is also seeking ways to train the next generation of cyberspecialists. In May, two UK universities — Oxford and Royal Holloway — were granted 7.5 million pounds in funding to help develop the country’s skills in online security.

View gallery A new UK financial watchdog has unveiled curbs on payday lenders it will bring in next April when it takes responsibility for the A2 bn sector (AFP Photo/) October 3, 2013 5:45 AM London (AFP) – A new UK financial watchdog on Thursday unveiled curbs on payday lenders it will bring in next April when it takes responsibility for the A2bn a year sector. Lenders will have to carry out an affordability check on borrowers and will only be able to roll over loans — when borrowers pay a fee to delay paying them back — twice, the Financial Conduct Authority (FCA) announced. It plans to limit what lenders can say in adverts and will have the power to ban any misleading campaigns. In the wake of claims that some lenders are draining cash from borrowers’ accounts to make sure they get their interest repayments, they will only be able to debit two payments over the course of a loan agreement. “The clock is ticking,” said Martin Wheatley, the FCA’s chief executive. “Today I am putting payday lenders on notice: tougher regulation is coming and I expect them all to make changes so that consumers can get a fair outcome. The clock is ticking.” Next April, the FCA will take over from the Office of Fair Trading as regulator of 50,000 consumer credit firms, which also includes businesses providing overdrafts, credit cards and debt advice. The OFT, in a recent investigation of its own, found “deep-rooted” problems in the payday loan industry, including that some businesses models were based on giving loans to people who cannot afford to pay them back. The Competition Commission is currently investigating the payday loan industry and is due to report at the end of next year. The FCA’s new rules were welcomed by Martin Lewis, founder of consumer help website MoneySavingExpert.com. “Parasitical payday lenders have taken over our high streets in the last five years. Our lax rules have made the UK a crock of gold and they’ve flooded in from across the world,” he said. “For those of us who’ve been crying out for a crackdown, this hardcore regulation, while not perfect, is very welcome.” Finance Washington (AFP) – With their leadership clinging to its strategy of demanding changes to the health care law, some rank-and-file Republicans acknowledged Saturday that ending the US government shutdown requires a new game plan. AFP

Scottish independence: Split from UK energy market call

The Wildcats were trounced 54-3 on a day when South Carolina ran almost as many plays (91) as UK had yards of total offense (96). If the Cats can get out of the gate quickly Saturday night it should prevent any lingering hangover effect from that traumatic 2011 trip. Actually move the chains Amazingly, Kentucky has converted only one of 21 third-down tries in its past two games combined, albeit against the teams ranked No. 2 (Florida) and No. 3 (Louisville) in the country this week in total defense. For all the pre-season hype that surrounded star defensive end Jadeveon Clowney, South Carolina is only No. 58 nationally in total defense. The Gamecocks have struggled in the secondary (10th in the SEC, allowing 252 yards a game). It will be disappointing if UK doesn’t do a better job this week of sustaining drives. Stop the run South Carolina’s Mike Davis leads the SEC in rushing yards a game (127). Kentucky is 13th in the league in run defense (allowing 200.8 yards a contest).

UK at S. Carolina: Keys to the game

Backed by the Scottish Greens who are hosting their conference in Inverness this weekend the authors argue that in private hands the UK energy market is on the point of collapse, lacks investment and is pushing up bills for hard-pressed consumers. But critics last night dismissed the proposals as fanciful, saying any plan which ended the UK-wide energy market would mean the vast cost of subsidising expensive green energy would fall on households in Scotland. The paper, written by contributors from Glasgow, Heriot-Watt and Glasgow Caledonian universities, says that a Scottish Energy Authority (SEA) and a Scottish Electricity Generation Corporation should be created after powers are transferred to Holyrood to oversee the entire energy sector. It would then run down nuclear, coal and gas-fired stations and plough massive investment into renewable energy by issuing billions of pounds worth of government bonds. In return, it argues, wind farms and new renewable projects will all be owned by the government or community groups. The paper claims bills could be lower because government could borrow at a lower rate and would not have to make a profit. It concludes that because of inherent market failures in the UKs energy market, only by breaking out of this policy regime and developing an alternative agenda around new forms of strategic planning and public ownership can Scotland fulfil its true potential and wider obligations as an energy-rich nation. It also calls for a completely different approach to the North Sea. Rather than an over-focus on producing as much oil as possible current UK and Scottish Government objectives coincide in trying to increase the rate of production the SEA would seek to reduce production from the North Sea, developing a more integrated and responsible approach to carbon emissions. The call comes after reports on independence have shown that North Sea oil revenues will be required to pay for current spending in Scotland. It also notes that most of Scotlands privatised energy assets at present are foreign-owned. It adds: It could plausibly be argued that French, Norwegian and Russian governments through their state-owned corporations have collectively far more control over UK (and Scottish) strategic energy interests than any British political actor. Alison Johnstone, Scottish Green MSP for Lothian and a member of Holyroods economy and energy committee, said: By taking responsibility, Scotland could prioritise common ownership, create high-quality jobs and move away from the fossil fuels we simply cannot afford to burn. The move would be best achieved through independence, the authors declare, although they say it could also be achieved by transferring responsibility for energy to a devolved Scottish Government.