ROAR Insights

Summary The report from Christians Against Poverty (CAP) and the Centre for Research in Social Policy (CRSP) at Loughborough University delves into the interrelationship between debt, poverty, and living standards in the UK. Utilising the Minimum Income Standard (MIS) for its benchmark, it provides insights into how different levels and types of debt affect individuals’ risk of falling below MIS, thereby exacerbating poverty and impeding access to a decent standard of living. The study highlights the nuanced impact of debt… Read more

Summary The Financial Vulnerability Index (FVI) report for Q4 2023 presents an in-depth analysis of financial vulnerability across the UK, highlighting increased financial pressures since the pandemic, with particular emphasis on the cost-of-living crisis, housing costs, and employment status as key factors influencing financial vulnerability. Key Points The FVI score increased to 44.2 in Q4 2023, indicating heightened financial vulnerability.Financial vulnerability has remained higher post-pandemic due to the ongoing cost-of-living crisis.Credit usage reached 53.0%, the highest since the Covid-19 pandemic… Read more

Summary The Illegal Money Lending Team (IMLT) in England update provided an extensive overview of the pernicious effects of loan sharks on borrowers. It highlighted the significant emotional, physical, and financial distress caused by illegal lenders, alongside statistical insights into the demographics of those affected, their reasons for borrowing, and the outcomes of such engagements. Key Points The IMLT focuses on investigating and prosecuting illegal lenders while offering support to borrowers.A significant majority of borrowers (81%) experienced extreme stress, worry,… Read more

Summary The Money Advice Trust’s 2023 Outcomes Report highlights the organisation’s crucial role in aiding individuals and small businesses in the UK to manage debt amidst heightened cost-of-living pressures. Expanding services and integrating technology have marked significant strides in their approach to offering debt advice, particularly through their flagship National Debtline and Business Debtline services. Their efforts have been instrumental in stabilising or reducing debts for a vast majority of their clients, underscoring the Trust’s commitment to financial well-being and… Read more

Summary The 2023 UK Cybersecurity Landscape report reveals that cyberattacks are the third most serious challenge for UK organisations, trailing only behind energy prices and the economic climate. Despite significant investments in security technology and activities, many efforts are reactive and inefficient, exacerbated by a severe global talent shortage. The report highlights a considerable portion of cybersecurity budgets going unspent, indicating a lack of clear objectives and guidance in utilising available funds effectively. This scenario reflects a broader issue where… Read more

Summary The UK Regulators’ Network (UKRN) released a joint statement in March 2024, outlining shared expectations for debt collection practices across regulated sectors. Authored by leaders from the FCA, Ofgem, Ofwat, and Ofcom, the document aims to address consumer harms caused by current debt collection practices, focusing on the support and fair treatment of customers experiencing financial difficulties. Key Points The UKRN, including the FCA, Ofgem, Ofwat, and Ofcom, published a statement on shared expectations for supporting customers in financial… Read more