In today’s bulletin:
General update
Cost of compliance
IPA update on protecting consumer interests
FCA questionnaires for lenders and debt buyers around CIMS
Collaborations
Events
General update
The headline topic was the Budget. Peter Tutton pictured below, putting a brave face on.
Peter from StepChange was quick out of the blocks with budget headlines that are actually beneficial to consumers alongside the new funding for pothole repairs.
This should be good news for some consumer segments and for the debt advice sector when trying to establish surplus budgets. HM Treasury has just announced online that the government is creating a new Fair Repayment Rate which caps deductions made through Universal Credit at 15% of the standard allowance. Before this Budget, it was 25%.
This means approximately 1.2m households will keep more of their Universal Credit payment each month, with households expected to be better off by an average of over £420 a year.
Richard Lane of StepChange said:
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