ROAR Insights

INSIGHTS ¦ PS24/2 Strengthening protections for borrowers in financial difficulty

Recent updates to the FCA’s CONC 7 rules (PS24/2) represent a significant advancement in protecting consumers facing financial difficulties, particularly those using mortgage and consumer credit products. These changes, set to take effect in November 2024, are crucial as they provide stronger, more comprehensive support mechanisms for individuals at risk of or already experiencing financial hardship. By integrating key aspects of the coronavirus Tailored Support Guidance (TSG) into formal regulations, the new rules extend beyond temporary pandemic-related relief, making consumer… Read more

INSIGHTS ¦ Quantum Technology for Financial Services

Quantum Technology: A briefing for Financial Services – Download This briefing document provides an overview of the current status of quantum technology and its implications for the financial services sector, covering advancements in quantum computing, cryptography, communication, and machine learning. It explores both the potential opportunities and risks posed by quantum technology, such as optimising portfolio management, enhancing risk analysis, and the threat to current encryption protocols. Key discussion points include the need for quantum-resistant encryption methods, the development of… Read more

EVENT SUMMARY+ ¦ Collected Innovation: Behavioural Science and its use in Collections

Roundtable and workshop discussing the use of behavioural science techniques, and their applicability, plus use cases, in Collections. This Live event was held at Canada House in London, and sponsored by Symend and Cowry consulting. Key Take Aways Behavioural science can improve customer engagement and outcomes in collections through personalized interventions Technologies like AI and machine learning enable operationalizing behavioural science at scale Segmentation based on psychological traits provides more effective personalization than traditional metrics Early intervention through behavioural archetypes… Read more

INSIGHTS ¦ The psychological toll of local and national government debt collection practices

Link Description The “In the Public Interest?” report examines the psychological impact of debt collection practices by local and national governments. It explores how debt collection escalates stress, harms mental health, and creates feelings of shame and isolation. The report highlights the urgent need for reform in public sector debt collection, especially for people with mental health issues. It calls for improved communication, more flexible timelines, and better support for vulnerable populations, while also detailing the systemic shortcomings of current… Read more

INSIGHTS ¦ Financial Health Report 2024

Link Description The “Financial Health Report: Affordability and Forbearance Subgroup” provides an in-depth analysis of the financial landscape in the UK following the cost-of-living crisis. It focuses on key trends in mortgage affordability, debt burdens, and financial resilience across different demographics. The report highlights the financial pressures faced by UK consumers, particularly in areas such as mortgages, energy costs, and personal debt, while also addressing gender disparities in debt repayment and savings. It aims to guide financial institutions in making… Read more

INSIGHTS ¦ How debt collection practices cause psychological harm

Link Description The “Debts and Despair” report explores the severe psychological impact of debt collection practices on individuals, particularly those experiencing mental health challenges. It provides data-driven insights into how rising living costs, coupled with aggressive and frequent debt collection tactics, are affecting the well-being of UK citizens. The report focuses on the mental health consequences of debt, including anxiety, depression, and suicidal thoughts, and offers recommendations for how financial institutions, regulators, and the government can reform debt collection practices… Read more