What you need to know this week
- UK interest rates held at 4.75% until February 2025, despite inflation exceeding targets.
- Private renters face significant financial pressures, with over half struggling to meet bills and credit commitments.
- Ofwat confirms a 36% rise in water bills by 2029 to fund £104 billion in sector upgrades.
- FCA extends motor finance complaints deadlines to December 2025, following recent court rulings on discretionary commission disclosures.
- StepChange highlights financial vulnerability in the rental sector, advocating for reforms through the Renters’ Rights Bill.
- Persistent debt rules are under review for simplification by 2025, potentially easing compliance burdens.
- AI adoption in UK financial institutions reaches 65%, delivering benefits across risk functions and operations.
- The FCA raises concerns about impulsive decision-making among young investors, linking it to broader Consumer Duty objectives.
- Collaboration between Qualco and Sopra Steria supports Crown Commercial Service’s Debt Resolution Services framework.
- Metro Bank partners with IE Hub to enhance income and expenditure management for customers.
- DEMSA supports Stop Loan Sharks England, promoting innovative approaches to detect illegal money lending.
- Consumer Duty reports highlight the need for SMFs to critically assess external factors impacting compliance and outcomes.
Read the full summary – here
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime
