DEMSA Summary: Collaborations / Duty / Vulnerability / FOS news / Events / Duty Training

Summary – Read the full update here (including all the links & more)

This weeks bulletin update from DEMSA, covers several key topics including a featured event on dementia awareness, guidance for creditors in Debt Relief Orders (DRO), Ombudsman News 184, and an alert on a potential household debt disaster by Citizens Advice.

The update also touches on BSI ISO 22458, collaborations, events, and Consumer Duty virtual training. Notably, the article mentions the holding of interest rates following a reduction in inflation and the maintenance of the Bank Rate at 5.25%.

Key Points

  • Featured event highlights focused on being ‘Dementia Friendly’.
  • Guidance provided for creditors listed in a Debt Relief Order (DRO).
  • Inclusion of Ombudsman News 184.
  • Citizens Advice warns of a potential household debt disaster.
  • Update on BSI ISO 22458.
  • Collaborations and events highlighted.
  • Consumer Duty virtual training available.
  • Interest rates were held following a reduction in inflation.
  • The Office for National Statistics (ONS) published inflation data.
  • Twelve-month inflation in the Consumer Prices Index (CPI) was 6.7% in August 2023.
  • The Bank Rate was maintained at 5.25%.
  • Exchange of letters occurred regarding inflation moving away from the target.

Key Statistics

  • The twelve-month inflation in the Consumer Prices Index (CPI) was 6.7% in August 2023.
  • The Bank Rate was maintained at 5.25%.
  • The Office for National Statistics (ONS) released the inflation data on 20 September 2023.
  • If inflation deviates by more than 1% point from the target, an open letter is required.
  • The Monetary Policy Committee (MPC) voted to maintain the Bank Rate at its September meeting.
See also  DEMSA Summary: Breathing Space / DPP / Building a better DMP / IVA decline / AI / Training / Events

Key Take Aways

  • The bulletin provides insights into various aspects of debt management and consumer advice.
  • Being ‘Dementia Friendly’ is a focal point of the featured event.
  • Creditors receive specific guidance when listed in a Debt Relief Order (DRO).
  • Citizens Advice raises concerns about a looming household debt crisis.
  • Updates and standards like BSI ISO 22458 are essential for stakeholders.
  • Collaborations and events are integral for knowledge sharing and development.
  • Consumer Duty virtual training is highlighted as a resource.
  • The holding of interest rates and maintenance of the Bank Rate are significant economic indicators.
  • Inflation data and its implications are closely monitored by authorities.
  • The exchange of letters signifies the importance of managing inflation targets.
  • The article serves as a comprehensive update for those involved in risk operations strategy.

Access all the updates here

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