ROAR Insights

PWC report Summary This comprehensive report examines the financially under-served population in the UK, highlighting its growth and the significant challenges it faces in accessing credit. Jointly conducted by PwC and TotallyMoney, the research uses a robust methodology to size and characterize this demographic, underscoring the pressing need for industry and regulatory changes to accommodate an increasing segment of society that struggles with financial resilience due to limited credit options and economic pressures. Key Points The financially under-served population in… Read more

PRA Paper and policy statement Summary The consultation paper “CP17/18: Credit risk: the definition of default” from July 2018, outlines the Prudential Regulation Authority’s (PRA) proposed changes to the definition of default in the Capital Requirements Regulation (CRR). The changes aim to align UK practices with the European Banking Authority’s (EBA) guidelines and address variability in the risk-weighted assets calculated by banks using their internal ratings-based (IRB) approaches. Key Points The consultation seeks to update the PRA’s expectations in Supervisory… Read more

This is the orginal consultation paper from the FCA which evolved into PS24/2 Summary The Financial Conduct Authority (FCA) has released Consultation Paper CP23/13, focusing on enhancing protections for borrowers experiencing financial difficulties across consumer credit and mortgage sectors. The document outlines proposals aimed at integrating aspects of the previously temporary Tailored Support Guidance (TSG) into the FCA’s permanent Handbook, refining consumer support mechanisms beyond the pandemic context. Key Points Integration of TSG into the FCA Handbook: The FCA proposes… Read more

Summary The Credit Information Market Study Final Report, released in December 2023, explores the current state of the credit information market in the UK, identifying key areas for improvement and proposing a comprehensive package of remedies aimed at enhancing data quality, governance, consumer engagement, and fostering competition and innovation. It highlights the pivotal role of credit information in financial decision-making, identifies shortcomings in the existing framework, and sets out a blueprint for future regulation and industry-led initiatives to better serve… Read more

Summary The Debt Fairness Charter, updated in March 2024, aims to establish a balanced approach towards managing personal debts owed to the UK central government, ensuring fairness, compassion, and appropriate actions in debt recovery processes. This initiative reflects the government’s commitment to financial security and efficient debt management, with a focus on transparency, collaboration with the debt advice sector, and respect for individuals’ circumstances. Key Points The Debt Fairness Charter was introduced as part of the UK government’s effort to… Read more

Summary The British Library experienced a significant cyber-attack in October 2023, prompting an in-depth review and the implementation of a comprehensive recovery and future-proofing strategy. The incident not only disrupted the Library’s operations but also led to the exfiltration of 600GB of sensitive data. This event has catalyzed a transformation in the Library’s approach to cybersecurity, infrastructure resilience, and risk management, aligning with its “Knowledge Matters” strategy for a more secure future. Key Points The cyber-attack occurred in October 2023,… Read more