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General updateNew MaPS Independent Quality Assessment Service (IQAS) Announced‘Hidden Harm’ event reviewDMPs under Consumer DutyFinancial Ombudsman Service – Plan 2023/24Next VRS Consumer Duty Training – 18/4/2023Events

General update

As the UK economy stalled again in February 2023, financial services firms are seeing a rise in default rates according to the Bank of England. In the 3 months to February 2023, lenders said that default rates on secured loans to households, such as mortgages, and unsecured loans, such as credit cards, increased and are expected to increase further in the next 3 months. Consumer card spending rose 4% year on year in March 2023, according to figures Barclays. They said that consumers are cutting back on discretionary spending on groceries, clothes and hospitality, however, spending on digital content and subscriptions was up 4.1%.

The trade deficit widened in February as export volumes declined to more than 9% below the 2019 pre-pandemic average,...

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