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[INSIGHTS]: Borrowers in financial difficulty (BiFD) project – supporting those facing payment difficulties due to coronavirus – interim findings

ABOUT: The FCA's BiFD project aims to support borrowers in financial difficulty, especially due to the pandemic, by ensuring firms provide appropriate assistance and adhere to set guidelines. LINK: Borrowers in Financial Difficulty Project - FCA Summary The Financial Conduct Authority (FCA) in the UK launched the Borrowers in Financial Difficulty (BiFD) project in March 2021 to assist borrowers facing financial challenges, particularly due to the COVID-19 pandemic. This initiative focuses on monitoring and guiding firms to ensure they offer… Read more

[INSIGHTS]: Consumer Duty: The next steps, FCA, webinar

The Financial Conduct Authority (FCA) webinar, delved into the implementation and next steps for the Consumer Duty. The session brought together industry experts to discuss the embedding of the duty in organizations, with a focus on expectations, sector-specific insights, and practical guidance for compliance. The panel highlighted the ongoing nature of the duty, emphasizing continuous improvement in consumer outcomes and firm practices. Key Points The Consumer Duty is an ongoing commitment requiring firms to consistently prioritize consumer needs and outcomes.… Read more

[INSIGHTS]: Consumer Duty – The First Three Months

ABOUT: An in-depth analysis of the initial three-month implementation of the FCA's Consumer Duty rules, highlighting challenges and areas for improvement. LINK: https://www.linkedin.com/pulse/consumer-duty-3-months-frank-brown-ke54e/ Summary This article delves into the first three months following the enactment of the Financial Conduct Authority's (FCA) Consumer Duty rules in July 2023. It discusses the immediate use of new powers by the FCA, including mandates for banks to pass on interest rates to savers. The article highlights the slow adoption of these rules by firms… Read more

[EVENT]: Credit Connect: Credit and Collections Technology Think Tank 2023

Another interesting event this year, based around the following topics Credit and Collections RisksAssessing Affordability and Customer VulnerabilityCommunication the Value of Customer EngagementThe Role of Technology Session 1: Credit and Collections Risks There are multiple challenges currently facing the sector. Amidst a backdrop of economic uncertainties like rising living costs, energy prices, and interest rates, the discussion pivoted around the evolving landscape of consumer behaviour, the integration of technology in collections, regulatory changes, and their collective impact on business strategies… Read more

[PODCAST]: Debt Talk Alternative lending & debt

More updates like this from RO-AR.com: Subscribe Podcast Link: Debt Talk In this podcast episode of “Debt Talk,” host Ripon Re explores the complex world of alternative lending and its impact on consumers, especially the vulnerable ones. Guests Derrick Evan, co-director of the Financial Inclusion Center, and Sam Nurse, CEO of Money Advice Hub and Zeus Design Hub, provide insights into this important financial sector. Summary The discussion begins with an overview of mainstream and alternative lending, emphasizing the role… Read more

[INSIGHTS]: Too Much Information? Key Considerations for Vulnerability Data-Sharing

ABOUT: Exploring the Complexities and Challenges of Sharing Vulnerability Data in Essential Services LINK: https://www.moneyandmentalhealth.org/wp-content/uploads/2023/11/Too-much-information-data-sharing-policy-note-WEB.pdf Summary The policy note "Too Much Information? Key Considerations for Vulnerability Data-Sharing" delves into the intricacies of sharing vulnerability data, particularly in relation to mental health, across essential services like banks and utility providers. It examines the potential of 'tell us once' systems, balancing the need for support with privacy and data usage concerns. Drawing on surveys and research, the note underscores the need for… Read more