DEMSA Summary: IPA update / Personal Insolvency reform / Collaborations / FCA Duty / Training events

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In the latest DEMSA bulletin, a focus the Consumer Duty, a review of the personal insolvency framework, and the outcome of a consultation on Insolvency Service Official Statistics. The UK economy witnessed growth in the three months leading up to June 2023, with a notable increase in GDP. However, household incomes faced a decline due to increased tax payments and reduced energy subsidies. The housing market also showed signs of contraction, with house prices falling for the fourth consecutive month.

Key Points

  • The UK economy experienced growth in the three months to June 2023.
  • GDP increased by 0.2% in Q2 and saw a rise of 0.5% in June alone.
  • A significant decline in household incomes was observed in the first three months of the year.
  • This decline was attributed to a sharp increase in tax payments and cuts to energy subsidies.
  • The Organisation for Economic Cooperation and Development (OECD) highlighted these economic shifts.
  • Concerns are emerging regarding private rental prices.
  • Mortgage lending is showing signs of contraction.
  • UK house prices have fallen for the fourth consecutive month.
  • This data on house prices was provided by Halifax.
  • Average pay is expected to rise faster than inflation soon.
  • The bulletin also discussed the Consumer Duty and its implications.

Key Statistics

  • The UK’s GDP rose by 0.2% in Q2 of 2023.
  • In June 2023 alone, the GDP was up by 0.5%.
  • Household incomes saw a steep decline in the first three months of 2023.
  • UK house prices experienced a drop for the fourth month in a row.
See also  DEMSA Summary: Personal Insolvency / Mortgage Charter / Duty live / Training / Financial Promotions

Key Take Aways

  • The UK economy is showing signs of growth, but household incomes are under pressure.
  • Tax hikes and subsidy cuts are major contributors to the decline in household incomes.
  • The housing market is facing challenges, with falling house prices and potential contraction in mortgage lending.
  • Economic indicators suggest that average pay might soon outpace inflation.
  • The Consumer Duty and its implications are crucial topics of discussion in the financial sector.
  • The review of the personal insolvency framework is a significant focus area.
  • Official statistics on insolvency services are under consultation.
  • Economic shifts and trends are closely monitored by organizations like the OECD.
  • The current economic landscape requires careful analysis and strategic planning.
  • Stakeholders in the housing market need to be vigilant given the recent trends.
  • Training events and collaborations are essential for staying updated in the financial sector.

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