DEMSA Key themes

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week Ofgem energy price cap will drop to £1,568 from 1 July 2024.36% of people contacting National Debtline are struggling with energy arrears.StepChange April 2024 statistics show 29% of clients in electricity bill arrears and 22% in gas bill arrears.VRS carer’s event highlighted key challenges in Carer’s Allowance.IPA Volume Provider Report 2023 includes insights into consumer debt remedies.Duty event follow-up: recording and slides to be distributed on 10 June 2024.DMCC Bill passed by UK… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week The Data Protection and Digital Information Bill has been dropped due to the 4th July election.NCSC and major UK insurance associations have issued joint guidance on ransom payments for cyber incidents.Recent hacks on Santander and Ticketmaster have raised concerns about cyber security.The FCA's regulatory round-up confirms no major publications during the election period.StepChange is pushing for problem debt to be a high priority in the upcoming election.Economic abuse is increasingly recognised as a… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week General Election set for 4 July 2024; expect impacts on public sector engagements and regulatory progress.Inflation has eased to 2.3% as of April 2024, suggesting possible interest rate cuts this summer.UK private rents have increased by 8.9% over the past year, exacerbating affordability concerns.Over £1 billion was stolen through fraud in 2023, highlighting ongoing challenges in financial security.HSBC and Marks & Spencer Financial Services fined £6.2m for poor treatment of customers in arrears.FOS… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week BNPL Usage and Data Access: 33% of UK consumers have used BNPL products, with CRAs like Experian and Valid8 IP offering API data blocks.FCA "Dear CEO" Letter: Addressed to regulated firms about closed products, urging debt buyers to consider implications.Vulnerability Surveys: Firms that completed surveys by 14 May will find content on financial vulnerability and consumer duty relevant.Reshaping Energy Sector Role: Discussions focus on problem debt in the energy sector with proposals for… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week The Bank of England maintains interest rates at 5.25%.Inflation is projected to decrease to 2% in the upcoming months.New polling shows a significant percentage of mortgage holders have turned to additional credit to manage their expenses.UK Finance reports a 3% increase in mortgage arrears in Q1 2024.The ECB has published its final business plan for 2024-25.FCA highlights practices for ARs acting as credit brokers under a Principal firm.Consumer Duty regulations focus on identifying… Read more

KEY THEMES+ ¦ DEMSA Newsletter

Regulatory Review and Data-Driven Compliance FCA's Two-Stage Review Process: The Financial Conduct Authority (FCA) has launched a two-stage review to assess how firms treat vulnerable customers, beginning with a wide-reaching questionnaire in Stage 1, followed by a more detailed Stage 2 for selected firms based on their initial responses. This method allows the FCA to effectively identify areas of concern and ensure firms prioritize consumer protection. FCA InvestigationImpact of Data Requests on Large Debt Solution Providers: Recent confirmations of data… Read more