DEMSA update: FIN073 / PS24-2 / AI / Collaborations / Events

In today’s bulletin:

General updateVirtual event around IVA voting and better outcomes for consumers in problem debt – 1/5/2024SUP15 and FIN073 reportingPS24/2 – policy rules from CP23/13 (BiFD)IVA failures by localityCollaborationsEvents

General update

In the bulletin today, we cover the new FCA financial resilience reports and their recent survey results, which suggest that Consumer Finance has had a negative impact for many firms. This has heightened the focus on financial and operational resilience, especially where cost cutting may have negative impacts beyond the firm in terms of customer experience and consumer protection. The FCA has never really shown much of an appetite for supervising small firms. They don’t seem to like Principle/AR models either. Regulatory pressures seem to impose their own burden as well, with the cost of compliance rising at an alarming rate with concurrent regulatory changes. We will see what happens after July 2024 in terms of whether annual...

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