DEMSA Summary: Talk Money Week / AI / Regulatory update / Collaborations / Events / Training

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

This weeks update provides insights into various financial and regulatory updates, collaborations, events, and training programs related to the UK financial sector.

It discusses topics such as the UK economy’s growth challenges, mortgage arrears data, the impact of behavioral science on loan repayment, gender disparities in debt advice, and upcoming regulatory changes. Additionally, it highlights collaborations between financial organizations, upcoming industry events, and training opportunities related to the Consumer Duty, financial crime, and vulnerability management.

Key Points

  1. The UK economy faces challenges with zero growth projections until 2025.
  2. Mortgage arrears data for Q3 2023 shows increasing arrears due to cost-of-living pressures and higher interest rates.
  3. Behavioral science, including social norms, can positively influence loan repayment.
  4. Women seeking debt advice experience a budget shortfall compared to men.
  5. The Financial Services Compensation Scheme (FSCS) levy remains unchanged for FY 2023/24.
  6. Collaborations between financial institutions aim to deliver better results for customers.
  7. Benefits finder tools can help individuals identify unclaimed benefits.
  8. Upcoming industry events, such as MALG and IPA conferences, offer valuable insights.
  9. Training programs focus on Consumer Duty, financial crime, and vulnerability management.
  10. Regulatory updates highlight the importance of reducing money laundering and fraud.
  11. Vulnerability and fraud often intersect, necessitating vigilant monitoring.
  12. The Consumer Duty training material is available for senior management and frontline staff.

Key Statistics

  1. In Q3 2023, there were 87,930 homeowner mortgages in arrears, a 7% increase from the previous quarter.
  2. The number of buy-to-let (BTL) mortgages in arrears increased by 29% in the same period.
  3. 10.9 million individuals were falling behind in loan repayments in 2023, up from 7.8 million in 2022.
  4. Over 116,000 people reported falling victim to APP fraud in the first six months of 2023.
  5. 88% of single parents seeking debt advice are women.
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Key Takeaways

  • The UK economy faces prolonged challenges with zero growth.
  • Mortgage arrears are on the rise due to cost-of-living pressures and higher interest rates.
  • Behavioral science can significantly impact loan repayment behavior.
  • Gender disparities persist in debt advice and financial difficulties.
  • Collaborations between financial institutions aim to enhance customer outcomes.
  • Benefits finder tools help people access unclaimed benefits.
  • Industry events offer valuable insights into regulatory changes and best practices.
  • Training programs cater to the Consumer Duty, financial crime, and vulnerability management.
  • Reducing money laundering and fraud remains a top regulatory priority.
  • Close monitoring is essential to address vulnerability and fraud overlap.
  • Financial organizations must adapt to the evolving regulatory landscape.
  • Consumer Duty training is available for various roles within regulated firms.

Access all the updates here

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