In today’s bulletin:
General update
Ofgem sets out debt strategy into 2025
FCA report on Consumer Duty Board reports
Complaint handling and root cause analysis
FOS festive tips to protect consumers
CP24/26 - Changes to client money handling rules for DMFs
General update
The UK economy shrank for the second month in a row in October 2024 as concerns about the Budget continued to weigh on confidence. ONS figures showed a 0.1% drop, despite expectations that the economy would return to growth after a fall in September.
Younger generation
Lowell has reminded us that 74% of households rely on credit products like Buy-Now-Pay-Later (BNPL) schemes and credit cards to manage Christmas expenses, with repayments stretching into mid-April. Usage is notably higher among younger adults aged 25-34 (87%) compared to older generations aged 45-54 (58%).
Link: https://www.credit-connect.co.uk/news/three-quarters-of-families-rely-on-credit-to-fund-christmas/
This follows recent StepChange Debt Charity...
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