In today’s bulletin:
- General update
- Scottish debt solutions – 2025
- Tell Me Once Twenty report
- PS26/6: SM&CR review
- The value of trade bodies and good compliance support
- Collaborations & Appointments
- Events
General Update
The deputy governor of the Bank of England expects stock markets around the world to fall, as share prices do not reflect the many risks facing the global economy.
Sarah Breeden, head of financial stability, said:
“The thing that really keeps me awake at night is the likelihood of a number of risks crystallising at the same time – a major macroeconomic shock, confidence in private credit goes, AI and other risky valuations readjust – what happens in that environment and are we prepared for it?”
StepChange debt statistics – March 2026
- 89% started their debt advice journey digitally online.
- ‘Debt consolidation’ was the second most commonly viewed debt information page.
- The number of StepChange clients completing debt advice in March 2026 was 16,349, 7% higher than February 2026 at 15,262, and 20% higher than March 2025 at 13,648.
- 27% presented with deficit budgets.
- The number of clients naming ‘reduced income or benefits’ as their main reason for debt has fallen by 2% from March 2025 to 8%.
- 9% named ‘need credit to cover living costs’ as their main reason for debt, which is 2% higher than March 2025 at 7%.
- 71% of clients held credit card debt in March 2026, 1% higher than February 2026 at 70%, and 5% higher than March 2025 at 66%.
Like DEMSA, StepChange has been highlighting the impact of essential services debts as energy costs continue to rise.
Their new research, entitled ‘Plugging the Gap’, estimates that 45% of adults are currently worried about their energy bills. Polling conducted by YouGov in April found that:
- 45% of GB adults were worried about their ability to pay energy bills over the next 6 months, which marks a significant increase from when the same question was polled in January, when it stood at 29%.
- In the last 3 months, 58% have personally taken action to try and reduce spending on their energy bill, which climbs to 74% among those worried about their ability to pay energy bills.
- 28% in England & Wales are worried about their ability to pay their water bills.
- 41% of those with a water meter have personally taken action to try and reduce their water spending.
Link: https://www.stepchange.org/policy-and-research/personal-debt-statistics-in-the-uk/monthly-client-report-March-2026.aspx
Link: https://www.stepchange.org/media-centre/press-releases/plugging-the-gap-utilities-report.aspx
Link: https://www.stepchange.org/policy-and-research/personal-debt-statistics/plugging-the-gap.aspx
FCA International FinTech Forum: Pathways to Innovation & Growth
Minesh from Amplified Global featured in this recent FCA event. Congratulations to Minesh, who yesterday graduated from the FCA’s first ever AI academy.
Jessica Rusu also launched the Innovation Insights report to help firms work with the FCA earlier and strengthen evidence-led policy and supervision.
“As technology advances, the key challenge has shifted from building new products to understanding how regulation applies to them. Firms that engage early and test safely are better placed to scale responsibly.”
Link: https://www.fca.org.uk/publications/corporate-documents/innovation-insights-2025
Beyond Compliance: AI for Vulnerable Customers
I have posted on this.
I was delighted to support a live FourNet podcast on Tuesday in Batley around the publication of the joint research paper with ContactBabel entitled ‘Beyond compliance: AI for vulnerable customers’. This covered important topics for both customers and the agents handling high emotion, high urgency and high complexity calls.
The research explores how firms are moving from policy-led approaches to more proactive, AI-enabled support. It highlights where AI is already delivering measurable impact in identifying and supporting vulnerable customers, and the practical steps you can take to apply it responsibly within regulated environments. Voice has a key role to play, often with AI-assist tooling.
Lian Rowlands facilitated James Brooks, Steve Morrell, Owen Campbell and myself.
Report and Podcast link
YouTube link
Scottish Statutory Debt Solutions 2025/26
I have posted on this. I have focused on DPP under DAS, as we look at some of the current trends relative to DMPs across the UK. This may be relevant if SDRPs are seriously considered again in England & Wales, which DEMSA supports.
Please have a read and like or comment. Thanks to those that already have.
Tell Me Once Twenty report
I am delighted to be a co-author of this new report driven by Chris Fitch, PhD, FRSPH from Money Advice Trust. This is the third that I have been involved with, hopefully with a clear direction of travel and adoption.
This report reviews and maps existing ‘Tell Us Once’ initiatives in the UK that enable individuals to share support and vulnerability information across multiple sectors to improve coordinated services. This needs to be a consumer-centric approach.
Focus areas:
- Common Essential Services
- Death & Bereavement
- Health & Social Care
- Retail Leisure & Transport
- Work or Higher Education
The primary aim is to ensure that firms responsibly act on the shared information.
A number of us attended the Money and Mental Health roundtable in Westminster ahead of their ‘Stuck on Repeat’ report recommending more effective data sharing that is actually taken up across sectors. In March 2026, we also shared the joint statement from the Financial Conduct Authority and the Information Commissioner’s Office reflecting that UK data protection and the DUAA 2025 should not be a barrier to providing better protection and outcomes to consumers with disclosed and consented characteristics of vulnerability.
DEMSA welcomes the report ahead of the Vulnerability Registration Service conference on 7 May 2026 in Nottingham, where the FCA and ICO are keynoting. This is a cross-sector event, and my facilitation session includes Ofgem, CCW and GamCare. The debt advice sector is well represented. We will also be discussing the Vulnerability Passport.
Thanks to the co-authors: Liz Brandt, Faith Reynolds, Johnny Timpson OBE, Steve Crabb, David Atkins, Dan Holloway and Ben Bennetts. Many have supported events that Chris Warburton and I have run through 2025 and into 2026, like the Affordability Summit, where Lee Healey spoke passionately around income optimisation.
With the recent FCA updates on firm expectations and priorities ahead of the next round of Consumer Duty Board reports, this should definitely be a topic on the agenda for 2026/27 and where your firm is on the data-sharing journey, perhaps as part of the AI adoption strategy for different customer cohorts. Inclusive design and co-design is a ‘hot topic’ around product assurance under PRIN 2A.
Link: https://moneyadvicetrust.org/training-and-consultancy/vulnerability-resources/
PS26/6: SM&CR review
I have posted on this. The FCA has set out its changes for the Senior Managers and Certification Regime as part of the first phase of reforms. The timetable is set out below, including some of this taking effect on Friday 24 April 2026.
Phase 1 brings in targeted measures to reduce unnecessary burden for firms, including on:
- Criminal record checks and disclosure – longer validity period
- 12-week rule – changes to SMF roles
- Statements of Responsibilities and Management Responsibilities Maps
- Certification Regime
- Directory of certified and assessed persons
- Regulatory references
- Conduct Rules
- Prescribed responsibilities
- Thresholds for becoming an ‘enhanced’ SM&CR firm
In our sector, this is designed to help streamline annual checks to certify individuals as ‘fit and proper’. It allows more time to submit senior manager applications when there has been an unexpected or temporary change. It is also intended to help understanding of the definition of certain senior management roles.
HM Treasury has published a consultation response to reforming the SM&CR regime with wider-ranging impact, including re-thinking the Certification part of the regime.
This is designed to align with the non-financial misconduct changes that take effect in September 2026. The regulatory conveyor belt remains busy, with many firms paying close attention to the current economic climate, with inflation rising and consumers with low financial resilience exhibiting squeezed disposable income. Our sector continues to have a requirement for an SMF16, Compliance Oversight, whilst other sectors do not.
The FCA has maintained strategic focus on financial crime in its long-term 2025-2030 plan and activity plan for 2026/27. There probably should be more clarity around the role of an SMF17, notably where firms are not subject to MLRs. The wider focus on operational resilience for ‘Core’ firms and the emerging AI adoption agenda also require focus around Statements of Responsibility outside of Prescribed Roles.
These changes should probably trigger a documented Board review of how government feedback and Phase 1 and Phase 2 changes may impact firms, including the Conduct Rules across the workforce, including outsourcing arrangements.
Help is available, including alignment with NFM rules that come into effect in September 2026. This may be very relevant where outsourcing arrangements are in play.
Link: https://www.fca.org.uk/publications/policy-statements/ps26-6-senior-managers-certification-regime-review
Link: https://www.fca.org.uk/news/press-releases/fca-pra-changes-streamline-senior-manager-accountability-boost-growth
Link: https://www.gov.uk/government/consultations/consultation-reforming-the-senior-managers-certification-regime
The value of trade bodies and good compliance support
Does the FCA want third-party consultants involved in authorisation processes?
I have posted on this. At the CIVEA conference in London on 23 April, Fiona Hoyle from the FLA, Chris Leslie from the CSA and I were able to discuss preparing for regulation for the benefit of the enforcement sector. The ECB joined us on the panel, with David Parkin also speaking. Russell had his eyes on us from the front row of the audience. We all shared our experiences with the FCA from 2014 forward.
A very interesting speech from Sheree Howard, FCA executive director of Authorisations, was delivered on 22 April 2026.
This looks at the role of consultants in FCA application processes, which may not just be new firm applications. I am involved in more variations of permissions, changes in control and changes in SMF roles than new applications. The emerging regulatory landscape, including AI governance, is becoming more complex. Statements of Responsibility can be challenging in FinTech firms involving higher-risk consumers. Deferred Payment Credit, DPC/BNPL, coming under FCA supervision from July 2026 is a case in point. Understanding distribution chains with outsourcing arrangements and critical service providers is another example.
Aligned with the SM&CR changes, we have non-financial misconduct from September 2026. The regulatory conveyor belt is relentless, including the ICO side of the fence. Regulators more frequently publish joint statements, as we have seen around vulnerability management and the claims management sector following the fallout from Motor Finance Commission and the new redress schemes and complaint reporting under the Consumer Duty.
We are now rapidly approaching the next round of Duty Board reporting in July 2026, with the FCA having set out its expectations at a sector level.
The FCA is pro-third-party consultants. There is a ‘but’, especially around dominant voice. ‘Good’ professional support does 3 things:
- Sets clear boundaries
- Holds the client to high standards
- Takes a long view – horizon scanning is essential
Embedding some of the key foundations of good culture and governance is vital, especially around MI and evidencing good outcomes and the risk appetite of the firm going forward. Even small changes to senior management can trigger more detailed ‘deep dives’ in higher-risk B2C sectors.
The FCA has stressed the focus on distribution chains and changes to the AR regime over time, which has been a government focal point as well. Building consumer confidence and trust is critical, as well as the financial crime, operational resilience and scam prevention lens.
Using some of the FCA sandboxes and innovation hubs can be important. Not all firms are eligible for the pre-application support service.
Link: https://www.fca.org.uk/news/speeches/getting-firms-fit-run
Collaborations
IE Hub and IncomeMax partnership identifies over £1m in additional income for customers
FinTech Wales member IE Hub has revealed the impact of its partnership with IncomeMax, demonstrating how embedded financial support can deliver measurable outcomes for customers experiencing financial difficulty. Lee Healey, Gareth and Dylan all participated in the recent Affordability Summit.
By integrating support directly into the customer journey, firms are improving engagement and helping individuals access vital financial support at the right time.
Key highlights:
- 789 referrals generated
- 775 benefit checks completed
- 92% of cases identified additional income
- £1m+ in potential income uncovered
- £58k+ already confirmed across households
Impact:
- Stronger affordability conversations
- Increased engagement with support services
- Clear, trackable social value outcomes
“A single case has already identified over £21,000 in annual income, demonstrating the scale of impact when the right support is embedded at the right time.”
Events
LinkedIn Live from 24/4/2026 with Alasdair Skeoch
Recording link
The BPO Collections case study is featured here, including analytics that were presented on the session with Alasdair.
The next event is 1 May 2026. Outbound features strongly.
VRS conference on 7 May 2026 – Nottingham
The FCA and the ICO are both keynoting. Opening keynote from Lord Holmes MBE, a technology policy leader and advocate for inclusion and accessibility. John Fairhurst from PayPlan is on the main podium and Emma Gibbons is supporting their exhibition stand. Money Wellness has joined the panel sessions. We have great representation from the debt advice sector. Platinum Sponsor, Orbyt UK, is now on the agenda.
Under ‘Vulnerability and Data Sharing’, Andrew Thomsen, Group Manager, Competition and Regulatory Cooperation from the ICO, will provide delegates with an update on data sharing in 2026 and what the impact is on vulnerable customers and those who support them. This should tie up with the FCA/ICO joint statement from March 2026. I am sure the new Tell Us Once Twenty report will come up several times. There will be a number of co-authors at the conference.
Good to catch up with Russell and Chris at the CIVEA Conference last week. The ECB vulnerability standards were discussed at the event.
Chris and I are both running sessions. I am looking forward to having Ofgem, CCW and GamCare in my session. Really good attendance reported so far by Heidi, with more exhibitors added.
Registration link
Tell Me Once Twenty report – webinar on 14 May 2026
Chris Fitch will be hosting a webinar on the new report with some of the co-authors. More promotions ahead of the event. Please read the report – link above.
AI Implementation Forum: Governance, Standards and Practical Implementation – BSI offices in Milton Keynes – 25 June 2026
We met with BSI last week and the event is coming together, with sponsors and speakers to be announced shortly. There will be an alignment between ISO 42001 and ISO 22458, covering consumer vulnerability and inclusive design. ISO 42001 is the first international standard for managing AI systems, providing a structured framework for responsible, safe and accountable AI governance. MEGA.AI is already accredited. They are one of the confirmed sponsors. BSI will also be speaking.
Expect a highly interactive event with a few more surprises like the buzzer round at the Affordability Summit.
The FourNet 5 Step Framework for AI Adoption in Customer Service may be of interest, building on some of the messaging from the podcast above.
Link: https://events.ro-ar.com/AIImplementationForum202606#/
Link: https://fournet.co.uk/content-hub/five-step-framework-for-artificial-intelligence-adoption-in-customer-service/
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