Demsa

In today’s bulletin: General update The “Make-Or-Break” Moment for Motor Finance: Data Preparation FCA highlights good practices and areas of focus for ARs acting as credit brokers under a Principal firm FOS complaints data including motor finance SCOR publishes latest version of Principles of Reciprocity – Betting & Gaming sector Collaborations Events General update Interest rates & inflation The Bank of England held interest rates at 5.25% for the sixth time in a row with the next update on 20… Read more

Interesting post this week by Frank Brown around the FCA data requests that we covered in the last bulletin. I have had confirmation of at least one large debt solution provider having a data request. Definitely worth a read. Frank reinforces some of my initial thoughts from the last DEMSA bulletin. Extract The FCA announced in March that they were reviewing firms' approaches to the treatment of vulnerable customers. The research process has started, with questionnaires going out to firms.… Read more

In today’s bulletin: General update UK Finance publishes report to facilitate commercial VRP The changing landscape for IVAs and Creditor Voting – virtual event on 1/5/2024 MoneyPlus problem debt event – 24/4 Individual insolvency stats – March 2024 Transforming Data Collection (TDC) Financial Crime is changing – updated FCG ICO warning to firms Collaborations Event feedback General update One in five StepChange clients who are in work unable to make ends meet A new report entitled ‘In work but still… Read more

In today’s bulletin: General update FCA vulnerability review Collaborations Events Training General update My PS24/2 (BiFD) post is picking up some traction with contributions from a number of the vulnerability specialists on the circulation. Interesting Blog by Adam Butler at StepChange around the new BiFD policy rules (PS24/2). Link: https://medium.com/stepchange/assessing-the-fcas-new-rules-on-support-for-borrowers-in-difficulty-056b6d265f5d Link: https://ukrn.org.uk/cost-of-living-working-group-joint-letter-2/ Debt Camel article on Barclaycard cutting minimum payments The FCA announced in its November 2023 horizon scan that it will review the ‘persistent debt rules’ later this year.… Read more

In today’s bulletin: General update Virtual event around IVA voting and better outcomes for consumers in problem debt – 1/5/2024 SUP15 and FIN073 reporting PS24/2 – policy rules from CP23/13 (BiFD) IVA failures by locality Collaborations Events General update In the bulletin today, we cover the new FCA financial resilience reports and their recent survey results, which suggest that Consumer Finance has had a negative impact for many firms. This has heightened the focus on financial and operational resilience, especially… Read more

In today’s bulletin: General update Virtual event around IVA voting and better outcomes for consumers in problem debt – 1/5/2024 MaPS consultation on the delivery of their debt advice strategy Consumer Duty lessons learned from FCA interventions in insurance sector Financial Ombudsman plans Sludge practices in focus Collaborations Events General update I liked the UK Finance article that non-executive directors (NEDs) can provide fresh perspectives, new ideas, and different problem-solving approaches. This is ideal for improving your firm’s financial resilience.… Read more