DEMSA update: FCA / Insolvency / Collaborations / Events / Training

In today’s bulletin

General update
ICO - What is the best way to explain AI decisions?
FCA update on Consumer Duty
Credit Union quarter-on-quarter arrears data / FCA update on BNPL
Personal insolvency quarterly statistics
Collaborations
Events
Training

General update
As predicted, the Bank of England held interest rates in November 2023. At its meeting ending on 1 November 2023, the MPC voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Three members preferred to increase Bank Rate by 0.25%, to 5.5%. The Monetary Policy Report suggests a path for Bank Rate that remains around 5¼% until Q3 2024 and then declines gradually to 4¼% by the end of 2026, a lower profile than August 2023 projections.
National Debtline research shows that 17% of mortgage holders (equivalent of 2.2m people) have struggled to afford higher monthly payments as a result of rising interest rates.
Link: https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2023/november-2023
Link: https://mone...

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