DEMSA Summary: IVA statistics / DRO guidance / Enforcement consultation / Collaboration / Training /Events

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

Summary

This weeks bulletin covers

  • General industry update
  • DROs – guidance for debt advisers
  • IVA statistics
  • Government retains data sharing power
  • Collaborations & features
  • Events
  • Training

Key Points

  • Net borrowing of consumer credit increased in January 2024, driven by higher borrowing through credit cards.
  • The Financial Conduct Authority (FCA) is proposing a new approach to publicizing enforcement investigations.
  • Efforts to reduce and prevent financial crime are ongoing, with a focus on collaboration, data sharing, and raising awareness.
  • The Money Charity reports on the impact of unmanageable debt on financial wellbeing.
  • The Financial Ombudsman Service (FOS) received a record number of complaints about credit cards in Q3 2023/24.
  • The Information Commissioner’s Office (ICO) is prioritizing tackling non-compliant website cookie banners.
  • The Money and Pension Service (MaPS) conducts an annual Debt Need Survey, revealing the percentage of the UK adult population needing debt advice.
  • The Insolvency Service updates guidance for debt advisers on Debt Relief Orders (DROs).
  • IVA outcomes and persistency rates are analyzed for 2023.
  • The government retains data sharing powers introduced in the Digital Economy Act, citing cost-saving benefits.
  • Partnerships between organizations like IE Hub, GamCare, and the Illegal Money Lending Team aim to provide additional support to vulnerable individuals.
  • Training opportunities and apprenticeships in debt management are available to professionals in the industry.

Key Statistics

  • Net borrowing of consumer credit rose to £1.9 billion in January 2024.
  • FOS received 5,660 complaints about credit cards in Q3 2023/24.
  • The MaPS Debt Need Survey found that 15% of the UK adult population needed debt advice in 2023.
See also  DEMSA Summary: Event recordings / PS24-3 / Collaborations

Key Take Aways

  • Collaboration and data sharing are essential for combating financial crime effectively.
  • Organizations should prioritize consumer awareness and protection in their operations.
  • Regulatory compliance, especially regarding data protection and vulnerability management, is crucial.
  • Training and professional development opportunities can enhance industry professionals’ ability to support clients effectively.
  • Partnerships between organizations can leverage resources and expertise to address complex financial challenges.

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