What you need to know this week
- Major UK high street banks have resolved their recent payment issues.
- The UK economy grew by 0.7% in the first quarter of 2024.
- Council tax arrears in England have reached £6.2 billion.
- 36% of National Debtline callers in May had energy debts.
- StepChange reported a 12% decrease in clients accessing full debt advice in May 2024 compared to May 2023.
- The threshold for Debt Relief Orders (DROs) increased from £30,000 to £50,000, and single vehicle value from £2,000 to £4,000.
- Personal insolvencies in May 2024 included 3,716 DROs and 4,946 IVAs.
- There were 7,652 breathing spaces registered under the Debt Respite Scheme in May 2024.
- Scotland saw 1,884 individual insolvencies in Q1 2024.
- The Illegal Money Lending Team highlighted the issue of over one million residents in England borrowing from loan sharks.
- The NIS2 Directive is set to impact the finance industry with new cybersecurity requirements.
- Multiple events and collaborations are scheduled, including a cybersecurity event on 9 July 2024 and a webinar on vulnerable customers on 24 July 2024.
Access the full summary – key themes, links and the full newsletter here
Access all the summary updates here
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime