What you need to know this week
- Council Tax Arrears Levels: As of June 2024, council tax arrears levels in England reached £6 billion.
- Debt Collection Practices: The Labour government is considering changes to council tax including the potential removal of the single person discount.
- Consumer Duty – Fair Value Assessments: Financial firms must demonstrate that all groups of customers receive fair value for products and services.
- Energy Arrears: Record levels reached with £3.69 billion owed, ahead of a 9.5% increase in the energy price cap.
- APR and Credit Costs: Fair4All Finance highlights issues with APR as a measure of loan value.
- Vulnerability Management Training: Scheduled for 14/10/2024, focusing on vulnerability under the Consumer Duty.
- DEMSA Updates: New standards for debt enforcement practices are being discussed.
- Microsoft AI Tool Relaunch: Scheduled for November following privacy concerns.
- FCA’s Consumer Duty Compliance: Insights published on good and poor practices under the new regulations.
- Enforcement Agent Conduct: New standards and public perceptions addressed by the ECB and CIVEA.
- Older Workers in the Workforce: The average age for exiting the labour market is increasing.
- Loan Shark Awareness: New multilingual resources introduced to combat illegal lending.
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