What you need to know this week
- The UK economy contracted by 0.1% in October 2024, marking a second consecutive monthly decline.
- 74% of households rely on credit products like Buy-Now-Pay-Later (BNPL) for Christmas, with usage rising to 87% among 25–34-year-olds.
- Ofgem launched consultations on debt strategy proposals, including zero-standing-charge tariffs, closing on 6 February 2025.
- Energy arrears reached £3.82 billion in September 2024, a 91% increase in two years.
- The FCA reviewed Consumer Duty Board reports from 180 firms, identifying gaps in governance and data usage.
- Smaller firms are advised to leverage external expertise and insights from trade bodies to meet regulatory expectations.
- Complaint handling under the Consumer Duty emphasised root cause analysis, using techniques like the Five Whys methodology.
- CP24/26 proposed changes to align Debt Management Firms’ auditor obligations with FCA policy, with feedback due by 13 January 2025.
- TransUnion partnered with Aryza to enhance credit and debt management solutions in the UK and Ireland.
- The FCA highlighted “digital journeys assessment” as a priority in Consumer Duty reviews for H1 2025.
- Vulnerability management remains a key FCA focus, with reviews planned in Q1 2025.
- The Financial Ombudsman Service (FOS) predicts handling 240,000 cases in 2025/26.
Read the full summary – here
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime
