Demsa

General update The PM has said that "confidence is returning" after ONS figures showed the economy grew by more than expected in January 2023. The economy expanded by 0.3% in January, rebounding from a sharp fall in December 2022. The data comes ahead of the Budget next Wednesday when Chancellor Jeremy Hunt will set out the government's growth plans. Energy support expected to be maintained Currently, the government is limiting the energy bill of a typical household to £2,500 a… Read more

https://www.gov.uk/government/statistics/individual-voluntary-arrangements-outcomes-and-providers-2022 Link: https://insolvencyservice.blog.gov.uk/2023/02/21/what-you-need-to-know-about-individual-voluntary-arrangements-ivas/ Personal insolvency practitioners will be aware of important changes to SIP 3.1 (IVAs) that took effect last week and previously covered by DEMSA. The principal changes in the revised SIP 3.1 relate to the degree of emphasis on the IP’s responsibility to ensure that the debtor has received suitable advice prior to entering an IVA and during its implementation. This includes ensuring that the debtor understands all potential debt relief solutions available and that they are provided… Read more

As the Credit Summit 2023 is moved to 27 April 2023, one of the smaller unions involved in the rail dispute has voted to accept a settlement offer with train companies. Following the MaPS national debt advice award to Gregory Pennington, they are now showing a new website on the MoneyHelper website. Link: https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/debt-advice-locator Link: https://www.moneywellness.com/ - Money Wellness is a trading style of Gregory Pennington Limited Link: https://www.moneywellness.com/blog/money-wellness-launches-to-provide-free-debt-advice-and-ongoing-support-service Important update on Experian appeal against ICO action around processing of… Read more

In today’s bulletin General update MaPS request to debt adviser panels Breathing Space – Northern Ireland Consumer Duty Training Events General update On 21 February, Ofgem will publish an update on the scope and timelines of its Market Compliance Review on prepayment meter warrant installations and remote mode switching. The energy watchdog has said suppliers' suspension of forced prepayment meter installations will last for the next 6 weeks. According to StepChange, struggling households borrowed £11 billion to cope with the… Read more

In today’s bulletin General update Steve Coppard Blog on Consumer Duty How can financial institutions support the financial wellbeing of their clients? ChatBot research – call for input Training Events General update I published a bulletin last Sunday on CP23/5 (Debt Packagers) and the SIP 3.1 changes that take effect in March 2023. I have had a number of calls and meetings around responses. This is particularly relevant to any firm that may be inadvertently caught in the FCA restrictions.… Read more

General update Starting on a positive note the FTSE 100 closed at record high. Speculation is that this was lifted by investors betting that a weak pound will help UK firms abroad and that the worst of the cost-of-living crisis has passed. I am not sure whether this is related to the FCA story around banning misleading financial promotions to immature investors. AJ Bell is quoted. If you have seen their adverts on TV then you will get what I… Read more