What you need to know this week
- Mortgage rates are increasing despite a reduction in the Bank of England rate due to fiscal policies affecting economic predictions.
- The FCA is consulting on extending the time motor finance firms have to handle commission complaints following recent legal judgments.
- Regulatory compliance costs are soaring, with calls for a review to address the impact on innovation and market competition.
- PayPlan is the first IVA provider to fully adopt the IVA Integrity Score to assess the sustainability of proposals.
- Privacy Enhancing Technologies tool launched to help firms assess the adoption benefits versus costs.
- GamCare urges financial services providers to monitor for signs of harmful gambling in transactional data.
- Upcoming joint statement by FCA, ICO, and TPR emphasises compliance with UK GDPR in retail investment and pensions communications.
- Operational resilience rules for critical third parties in the financial sector set to take effect in January 2025.
- MaPS reports surpassing its target for delivering debt advice and financial guidance sessions.
- BMW provisions £70m for potential car finance commission payouts.
- The Insolvency Service and FCA focus on increasing scrutiny around financial promotions and the accuracy of debt advice.
- A surge in DRO applications and IVA setups, with DROs hitting their highest levels since inception.
Read the full summary – here
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