DEMSA Summary: FCA webinar / Xmas scams / 2024 Regulatory timetable / Collaborations / Events /Training

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

This weeks bulletin provides an insightful overview of the current state and upcoming initiatives in the UK financial sector. It encompasses various topics, including updates on consumer confidence, regulatory changes, efforts to support the debt advice sector, warnings against financial scams, and highlights from industry events and training.

Key Points

  1. Consumer Confidence: Q3 showed a slight rebound in consumer confidence, but concerns remain due to cost-of-living pressures.
  2. FCA Consumer Duty Webinar: Held on 6 December, it focused on the continuous evolution of financial practices.
  3. Regulatory Initiatives Grid into 2024: A detailed roadmap for compliance and monitoring in the financial sector.
  4. Credit Information Market Study: The final report emphasizes the need for greater data sharing and consumer control in credit reporting.
  5. MaPS £2m Innovation Funding: Aimed at fostering innovation in the debt advice sector.
  6. Christmas Scams Warning: The FCA issued a warning about scammers exploiting financial stress during the holiday season.
  7. Community Finance Resilience Fund: A £5m+ fund to support community finance organizations amid the cost-of-living crisis.
  8. Appointment: A significant change in the Advertising Advisory Committee.
  9. Economic Abuse and Debt Write-Off Discussions: Highlighting challenges and responses in lending practices.
  10. Insolvency Service Customer Charter: Published on 5 December 2023, marking a significant regulatory update.
  11. Responding to ESG Risks: Emphasizes the importance of governance in financial decision-making.
  12. Improving Communications in Debt Advice: A report by StepChange Debt Charity underscores the need for clearer communication.

Key Statistics

  1. Consumer Arrears: Less than 1% of all mortgages are in arrears.
  2. UK Families: In 2022, 43% of families in the UK had no children living with them, and 42% had dependent children.
  3. Consumer Duty Webinar: Attracted 6,000 concurrent viewers.
  4. Community Finance Resilience Fund: Provides over £5 million in funding.
  5. Christmas Scams: 47% of parents feel pressured to overspend during the holiday season.
  6. Borrowing for Christmas: 29% of parents with young children plan to borrow for Christmas expenses.
See also  DEMSA Summary: Financial Crime / Council Tax collection / Debt advice / Cyber / AI / Collaborations / Events / Training

Key Takeaways

  1. Despite a slight recovery in consumer confidence, the cost-of-living crisis continues to impact spending and financial behaviors.
  2. The FCA’s Consumer Duty webinar highlighted the importance of ongoing evolution in financial practices and regulatory compliance.
  3. Financial institutions must prepare for regulatory initiatives extending into 2024, focusing on resilience and cybersecurity.
  4. The Credit Information Market Study calls for enhanced data sharing and consumer empowerment in credit reporting.
  5. Innovation in the debt advice sector is crucial, as evidenced by MaPS’s £2m funding initiative.
  6. The FCA’s warning about Christmas scams underlines the vulnerability of consumers under financial stress during the holiday season.
  7. The Community Finance Resilience Fund is a significant step to support organizations facing challenges due to the cost-of-living crisis.
  8. Changes in committees, such as the AAC, reflect ongoing shifts in the regulatory and advisory landscape.
  9. Discussions around economic abuse and debt write-off highlight the need for sensitive and effective lending practices.
  10. The Insolvency Service’s new customer charter marks an important development in regulatory standards.
  11. Addressing ESG risks is increasingly critical for the finance sector, emphasizing social value and governance.
  12. Improving communication and understanding in debt advice can significantly enhance customer outcomes, as shown by StepChange’s initiatives.

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