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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… 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

Link Description The "Financial Health Report: Affordability and Forbearance Subgroup" provides an in-depth analysis of the financial landscape in the UK following the cost-of-living crisis. It focuses on key trends in mortgage affordability, debt burdens, and financial resilience across different demographics. The report highlights the financial pressures faced by UK consumers, particularly in areas such as mortgages, energy costs, and personal debt, while also addressing gender disparities in debt repayment and savings. It aims to guide financial institutions in making… Read more

Link Description The "Debts and Despair" report explores the severe psychological impact of debt collection practices on individuals, particularly those experiencing mental health challenges. It provides data-driven insights into how rising living costs, coupled with aggressive and frequent debt collection tactics, are affecting the well-being of UK citizens. The report focuses on the mental health consequences of debt, including anxiety, depression, and suicidal thoughts, and offers recommendations for how financial institutions, regulators, and the government can reform debt collection practices… Read more

Link Description The document "Pepper Arrears Report" provides an analysis of trends in UK residential mortgage arrears, with a focus on the dynamics between the residential and Buy-to-Let (BTL) sectors. It covers the improvement in arrears rates in various regions, the continued growth in BTL arrears, and a rebound in new mortgage originations. The report also highlights the uneven nature of recovery in the UK mortgage market, indicating that while some areas are improving, many borrowers continue to face financial… Read more