Demsa

In today’s bulletin: General updateThe “Make-Or-Break” Moment for Motor Finance: Data PreparationFCA highlights good practices and areas of focus for ARs acting as credit brokers under a Principal firmFOS complaints data including motor financeSCOR publishes latest version of Principles of Reciprocity – Betting & Gaming sectorCollaborationsEvents General update Interest rates & inflation The Bank of England held interest rates at 5.25% for the sixth time in a row with the next update on 20 June 2024. At its meeting ending… Read more

Interesting post this week by Frank Brown around the FCA data requests that we covered in the last bulletin. I have had confirmation of at least one large debt solution provider having a data request. Definitely worth a read. Frank reinforces some of my initial thoughts from the last DEMSA bulletin. Extract The FCA announced in March that they were reviewing firms' approaches to the treatment of vulnerable customers. The research process has started, with questionnaires going out to firms.… Read more

In today’s bulletin: General updateUK Finance publishes report to facilitate commercial VRPThe changing landscape for IVAs and Creditor Voting – virtual event on 1/5/2024MoneyPlus problem debt event – 24/4Individual insolvency stats – March 2024Transforming Data Collection (TDC)Financial Crime is changing – updated FCGICO warning to firmsCollaborationsEvent feedback General update One in five StepChange clients who are in work unable to make ends meet A new report entitled ‘In work but still in debt’ from StepChange has found that 21% of… Read more

In today’s bulletin: General updateFCA vulnerability reviewCollaborationsEventsTraining General update My PS24/2 (BiFD) post is picking up some traction with contributions from a number of the vulnerability specialists on the circulation. Interesting Blog by Adam Butler at StepChange around the new BiFD policy rules (PS24/2). Link: https://medium.com/stepchange/assessing-the-fcas-new-rules-on-support-for-borrowers-in-difficulty-056b6d265f5d Link: https://ukrn.org.uk/cost-of-living-working-group-joint-letter-2/ Debt Camel article on Barclaycard cutting minimum payments The FCA announced in its November 2023 horizon scan that it will review the ‘persistent debt rules’ later this year. Sara Williams challenges whether… Read more

In today’s bulletin: General updateVirtual event around IVA voting and better outcomes for consumers in problem debt – 1/5/2024SUP15 and FIN073 reportingPS24/2 – policy rules from CP23/13 (BiFD)IVA failures by localityCollaborationsEvents General update In the bulletin today, we cover the new FCA financial resilience reports and their recent survey results, which suggest that Consumer Finance has had a negative impact for many firms. This has heightened the focus on financial and operational resilience, especially where cost cutting may have negative… Read more

In today’s bulletin: General updateVirtual event around IVA voting and better outcomes for consumers in problem debt – 1/5/2024MaPS consultation on the delivery of their debt advice strategyConsumer Duty lessons learned from FCA interventions in insurance sectorFinancial Ombudsman plansSludge practices in focusCollaborationsEvents General update I liked the UK Finance article that non-executive directors (NEDs) can provide fresh perspectives, new ideas, and different problem-solving approaches. This is ideal for improving your firm’s financial resilience. I am sure that Bryan Foss will… Read more