w/c 18 December 2023 – Also read the full DEMSA update here
In This Issue:
- FCA Portfolio Letter and Regulatory Reviews
- Consumer Duty Reporting Guidelines
- Updates to FCA Application Pages
- Credit Information Market Study Blog
- Ofwat – Service for All Vulnerability Guidance
- Ofgem’s Support for ‘At Risk’ Customers
- UKRN Strategy 2024-27 Public Consultation
FCA Portfolio Letter and Regulatory Reviews
The financial sector is anticipating a new FCA ‘portfolio’ letter early in the new year, signaling a countdown to the CONC 8 review. This upcoming review aligns with key messages from the FCA webinar held on December 6, 2023, and will focus on the Consumer Duty, now integral to FCA communications.
Consumer Duty Reporting Guidelines (July 2024)
Firms are advised to prepare for Consumer Duty reporting by July 2024. This includes demonstrating continuous improvement in customer outcomes, vulnerability management, and quality assurance. The FCA emphasizes the importance of fair value assessments and reviews, particularly in light of changing circumstances, such as the cost-of-living crisis.
More information: FCA Consumer Duty Letter
Updates to FCA Application Pages
The FCA has updated their application pages, reflecting the importance of Consumer Duty and post-implementation of their Vulnerability Guidance (FG21/1). Firms are encouraged to frequently check these updates for new regulatory insights.
FCA Application Page: FCA Authorisation Supporting Material
Credit Information Market Study Blog
Recent discussions and feedback on the Credit Information Market Study Blog highlight its importance for the debt sector. There is an ongoing discussion with key industry figures, emphasizing the need for accurate reporting of debt remedies.
More details: Credit Information Market Study Blog
Ofwat – Service for All Vulnerability Guidance
Ofwat has published its final guidance for all water companies in supporting customers who need extra help. This includes ensuring that support is understandable and accessible. Many companies are working towards or have achieved the BSI ISO 22458 kitemark, aligning with the guidance.
Full guidance: Ofwat Vulnerability Guidance
Ofgem’s Support for ‘At Risk’ Customers
Ofgem has announced measures to ensure better support for customers at risk of getting into debt. This includes setting up affordable payment plans, writing off unmanageable debt, and offering repayment holidays.
Details on consumer standards: Ofgem Consumer Standards Decision
UKRN Strategy 2024-27 Public Consultation
The UK Regulators’ Network (UKRN) has published its strategy for 2024-27, with a focus on improved consumer outcomes and cross-sector data sharing. Responses are requested by January 31, 2024.
Strategy document: UKRN Strategy 2024-27
Stay Informed:
Keep abreast of these critical regulatory updates to ensure compliance and optimal consumer protection in your financial practices. Your feedback and engagement in these regulatory discussions are invaluable.
This newsletter is intended for informational purposes only and should not be construed as legal advice. For specific regulatory guidance, please consult the respective regulatory body or legal counsel.
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