Demsa

DEMSA Key Themes ¦ Industry and Regulatory Developments

Find the full DEMSA newsletter and commentary here Economic Overview and Implications for Financial Services UK Recession Indicators: The UK's entry into a technical recession, marked by a decline in GDP across all major sectors, underscores the heightened economic uncertainty. This trend can significantly impact consumer spending and borrowing behaviors, which are critical for financial services, credit management, and debt collection sectors. Understanding these macroeconomic trends is vital for these professionals to anticipate changes in consumer behavior and adapt their… Read more

DEMSA update: Countdown to ‘Intelligibility’ event / Insolvency stats / FCA updates / Collaborations / Events / Training

In today’s bulletin General updateWater companies face fines for poor customer serviceFCA RFI about ongoing financial advice services and the Consumer DutyPersonal insolvency in January 2024 and DROs in 2023Collaborations & featuresEventsTraining General Update Latest GDP figures has indicated that the UK ended 2023 in recession. The figures showed that GDP fell 0.1% in December, following a 0.2% rise in November. GDP was down 0.3% over the three months to the end of December, a second consecutive quarter of negative… Read more

DEMSA Key Themes ¦ Industry and Regulatory Developments

Find the full DEMSA newsletter and commentary here Mortgage and Credit Market Dynamics Mortgage Arrears Increase: The bulletin reports a 7% increase in homeowner mortgage arrears and an 18% increase in buy-to-let mortgage arrears in Q4 2023, highlighting the growing financial stress on property owners. This trend is critical for financial services professionals to monitor as it may indicate broader economic challenges and affect lending risk assessments. UK Finance ReportConsumer Support and Mortgage Rates: UK Finance's emphasis on support for… Read more

DEMSA update: FCA Consumer Understanding / Financial Crime / Council Tax collection / Credit Unions / Collaborations / Events…

In today’s bulletin General updateCouncil Tax collectionCredit Union arrearsFinancial CrimeCollaborations & featuresEvents General Update Mortgage arrears and possessions figures Q4 2023 Homeowner mortgages in arrears increased 7% to 93,680 compared to Q3. Buy-to-let mortgages (BTL) in arrears increased 18% to 13,570 compared to the previous quarter. 540 homeowner mortgaged properties were taken into possession in Q4, down 14%. 500 BTL mortgaged properties were taken into possession in Q4, 11% higher. UK Finance has reminded consumers of the support available for… Read more

DEMSA update: Scottish debt solutions / AI / Events / Collaborations / Training

In today’s bulletin General updateScottish Statutory Debt Solutions Statistics for Q3 2023-24Personal insolvency Q4 2023 and 2023 statsCollaborations & featuresEventsTraining General Update Interest rates held at 5.25% The Bank of England held interest rates at 5.25% for the fourth time in a row, though the Bank's committee voted 6-3 in favour of holding the rate, with 2 wanting an increase and one wanting a cut. ONS figures: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2023 Twelve-month CPI inflation fell to 4% in December 2023, below expectations in… Read more

DEMSA Key Themes ¦ Industry and Regulatory Developments

Find the full DEMSA newsletter and commentary here Monetary Policy and Inflation Bank of England's Interest Rate Decision: The Bank of England has decided to maintain interest rates at 5.25%, a strategic move reflecting its ongoing assessment of economic conditions. For financial services professionals, this decision underscores the importance of monitoring monetary policy as it influences lending rates, consumer spending, and overall economic activity. Bank of EnglandCPI Inflation Data: The Office for National Statistics reported a drop in twelve-month CPI… Read more