DEMSA Summary: Volume providers / Gambling / Parking fines / Cold calling ban / MaPS deficit budgets / Events / Duty training

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

In the latest DEMSA update, notable developments in the financial sector and advancements in Consumer Duty implementation are highlighted. The update covers a wide array of topics, from acquisitions in the energy market to regulatory interventions, debt advice, and gambling reform.

Key Points

  • Octopus’s acquisition of Shell’s household energy business and broadband services.
  • Trends in working households, workless households, and employment statistics.
  • Analysis of UK spending on credit and debit cards.
  • FCA’s interventions, regulatory round-up, and efforts to combat financial fraud.
  • MaPS’s findings on deficit budget clients and debt solutions.
  • Insights into bulk communications and email data breach risk.
  • HM Treasury’s consultation on banning cold calling in financial services.
  • Impact assessment of private parking charges and debt recovery fees.
  • Major gambling reform and its implications for player protection.
  • Noteworthy events and conferences related to Consumer Duty and debt management.

Key Statistics

  • 59.1% of UK households had all members aged 16 and over employed in Q2 2023.
  • 27.2% of households had a mix of working and workless adults during the same period.
  • 13.7% of households had no employed members in Q2 2023.
  • 19% of BNPL customers used it for essential items like groceries and bills.
  • William Hill fined over £19m for failures related to customer spending.

Key Takeaways

  1. The financial sector is experiencing transformative changes impacting various industries.
  2. Ongoing Consumer Duty implementation demands attention from industry players.
  3. Effective data protection and communication strategies are crucial in financial services.
  4. Challenges arise with deficit budget clients, driving the need for innovative solutions.
  5. The reform of gambling regulations emphasizes player protection and responsible gaming.
  6. Bulk communications in financial services warrant careful consideration and compliance.
  7. Consumer behavior trends, like using BNPL for essentials, reflect changing preferences.
  8. Monitoring and regulating cold calling practices align with consumer protection goals.
  9. Energy market acquisitions reflect strategic shifts in household service providers.
  10. Employment trends and statistics offer insights into economic conditions and stability.
  11. The role of AI and technology in debt advice and management continues to expand.
  12. Upcoming conferences provide valuable platforms for discussing industry advancements.
See also  HIGHLIGHTS ¦ DEMSA Newsletter

Access all the updates here


RO-AR insider newsletter

Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime