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Summary This report, published by Ofwat, analyzes customer debt levels in the water sector across England and Wales. It highlights debt challenges amidst rising costs and outlines water companies’ obligations under the “Paying fair” guidelines to provide tailored support to vulnerable customers. The report also emphasizes the need for continued monitoring and improved debt management strategies as bills increase in 2025. Key Take Aways Debt Overview: Over 2.5 million households (8.2%) are in arrears, with an average debt of £822.Total… Read more

Summary This policy statement from the Financial Ombudsman Service outlines new rules for charging case fees to claims management companies (CMCs) and other professional representatives referring complaints. The initiative, under regulations from HM Treasury, seeks to create a fairer funding model by distributing costs more equitably between service users and financial firms while encouraging better-prepared complaint submissions. Key Take Aways New Case Fee: A maximum fee of £250 applies to cases referred by CMCs, with a £75 minimum fee for… Read more

Summary The Financial Conduct Authority (FCA) released a recent paper on “Consumer Duty Board Reports: Good Practice and Areas for Improvement.” It reviews the first annual board reports submitted by firms to assess their adherence to the Consumer Duty, which sets high standards for customer protection across financial services. The review covers practices in governance, data usage, consumer outcomes, and business strategies, highlighting both exemplary practices and areas requiring improvement. Download as PDF: Summary Insights LINK: Original FCA Link Key… Read more

The Credit Information Market Study (CIMS), initiated by the Financial Conduct Authority (FCA), aims to enhance the quality and consistency of credit information in the UK. This initiative involves several key proposals designed to improve data sharing and reporting practices among financial firms and credit reference agencies (CRAs). Key Highlights Mandatory Data Sharing: In-scope firms will be required to share credit data with designated CRAs to ensure more comprehensive and accurate credit information.Regulatory Reporting: A new reporting framework for designated… Read more

Link Description The “In the Public Interest?” report examines the psychological impact of debt collection practices by local and national governments. It explores how debt collection escalates stress, harms mental health, and creates feelings of shame and isolation. The report highlights the urgent need for reform in public sector debt collection, especially for people with mental health issues. It calls for improved communication, more flexible timelines, and better support for vulnerable populations, while also detailing the systemic shortcomings of current… Read more