ROStrategy.com

Regulatory summary update

w/c 18 December 2023 – Also read the full DEMSA update here In This Issue: FCA Portfolio Letter and Regulatory ReviewsConsumer Duty Reporting GuidelinesUpdates to FCA Application PagesCredit Information Market Study BlogOfwat – Service for All Vulnerability GuidanceOfgem’s Support for ‘At Risk’ CustomersUKRN Strategy 2024-27 Public Consultation FCA Portfolio Letter and Regulatory Reviews The financial sector is anticipating a new FCA ‘portfolio’ letter early in the new year, signaling a countdown to the CONC 8 review. This upcoming review aligns… Read more

DEMSA Summary: Ofgem / Ofwat / UKRN / Consumer Duty / Debt Advice / Personal insolvency / Collaborations / Training

Summary – Read the full update here (including all the links & more) This weeks bulletin provides a range of updates and insights, covering regulatory changes, market trends, and consumer protection initiatives. The bulletin highlights upcoming reviews, studies, and changes in various financial services areas, emphasizing the importance of continuous improvement in customer outcomes and adherence to new regulatory requirements.Key Points FCA ‘Portfolio’ Letter and CONC 8 Review Anticipation: Expectation of new regulatory communications and a focus on the upcoming… Read more

[PODCAST]: Credit Shift: Navigating the Intersection of AI, Ethics, and Finance

More updates like this from RO-AR.com: Subscribe Podcast Link: Credit Shift Summary In the latest episode of Credit Shift, Paul and Dan discuss the role of AI in transforming the credit and collections industry with Terry Franklin, EVP at Qualcomm Technology. Qualcomm, known for its analytics-driven FinTech solutions, shares insights into the integration of AI across the supply chain finance domain. The conversation delves into how AI is not just about automation but also about understanding and predicting customer behavior,… Read more

[PODCAST]: Credit Where Credit is Due: Registry Trust and the Data Dilemma

More updates like this from RO-AR.com: Subscribe Link: Credit Where Credit Is Due: Arum Summary The Registry Trust, in this podcast discussion, illuminates its ongoing campaign to reform County Court Judgments (CCJs) in England and Wales. Key figures Lex Jones and Chris Christic delve into the historical context of the trust, the critical issue of absent claimant data in CCJs, and its multifaceted impact. They advocate for legislative amendments to incorporate claimant data, which is currently a missing piece in… Read more

[INSIGHTS]: Financial Conduct Authority’s Guidance on Consumer Duty in Retail Financial Markets

ABOUT: The Financial Conduct Authority's guidance aims to enhance consumer protection in evolving retail financial markets. LINK: https://www.fca.org.uk/publication/finalised-guidance/fg22-5.pdf Key Points and Ideas The Consumer Duty includes a Consumer Principle, cross-cutting rules, and four key outcomes focused on product governance, price and value, consumer understanding, and support. It's underpinned by reasonableness, considering the nature of the product or service, customer characteristics, and the firm's role. Firms must prioritize consumer interests, ensure fair value, clarity in communication, and not exploit consumer vulnerabilities.… Read more

[INSIGHTS]: Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances – Canada

ABOUT: This article discusses the Financial Consumer Agency of Canada's guidelines for supporting consumers with mortgage loans during exceptional circumstances. LINK: Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances Summary The Financial Consumer Agency of Canada (FCAC) has issued a comprehensive guideline for federally regulated financial institutions (FRFIs) on managing existing consumer mortgage loans during exceptional circumstances. This guideline aims to protect consumers facing severe financial stress due to extraordinary situations, such as high household indebtedness, rising interest rates,… Read more