Industry Views

General update Reduction in inflation in April 2023 – what is the time lag for indebted UK consumers benefitting from this (or not)? One of the aspects of taking “a healthy dose of cynicism” is that you are forever trying to balance positive and negative headlines with what that really means to the many people with problem debt and, from a horizon scanning perspective, when this will take effect. The Office for National Statistics (ONS)… Read more

In today’s bulletin General updateFCA Financial Lives survey updateUpdate on hybrid workingPersonal insolvency – England & Wales – April 2023Reminder – Ofgem consultation a framework for consumer standards – closes 31 May 2023AI & Automation in the Contact CentreLaying the groundwork for DORA complianceTraining – next VRS Consumer Duty datesEvents General update Good Energy Limited and OVO Energy Limited to pay £4m for overcharging customers As part of its compliance work, Ofgem found that approximately… Read more

Bank of England raises interest rates to 4.5% Link: https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2023/may-2023 As predicted the Bank of England has raised interest rates from 4.25% to 4.5%. The next review is 22 June 2023. CPI inflation was 10.2% in Q1 2023, but is expected to fall sharply in April 2023. On 5 May 2023, ONS published the latest data and trends about the cost-of-living crisis. This explores changes in housing costs and how this is affecting people, both… Read more

Ofgem consultation As a follow-up to last week’s bulletin and the speech by Jonathan Brearley at Ofgem, there is now a consultation on a framework for consumer standards and policy options to address priority customer service issues. Their stated priority as a regulator is to protect consumers, especially those who are vulnerable, by ensuring they are treated fairly. This feels like the lead up to Consumer Duty. They want to ensure that consumers in vulnerable… Read more

General update I did post an updated version of the DEMSA bulletin on LinkedIn last week. I have attached it if anyone is interested in sharing wider. This picks up on the next point of Ofgem. Ofgem Vulnerability Summit 2023 The week was ‘kicked off’ by a speech at the Ofgem Vulnerability Summit by Jonathan Brearley that may indicate some signs of action around wider data sharing and words turning into action. VRS followed up… Read more

General updateConsumer Duty – through the eyes and ears of the consumerPersonal insolvency statistics – March 2023Hidden Harm – recording of Stop Loan Sharks England eventAdvantis Credit accredited for ISO 22458 – BSI event on 23 May 2023Payment Systems RegulatorTraining – next VRS Consumer Duty datesEvents General update Forced installation of prepayment energy meters banned for over 85s under new Ofgem code of practice All British domestic energy suppliers have signed up to an updated… Read more