DEMSA update: Interest rates / Data requests / Complaints / Collaborations

In today’s bulletin:

General updateThe “Make-Or-Break” Moment for Motor Finance: Data PreparationFCA highlights good practices and areas of focus for ARs acting as credit brokers under a Principal firmFOS complaints data including motor financeSCOR publishes latest version of Principles of Reciprocity – Betting & Gaming sectorCollaborationsEvents

General update

Interest rates & inflation

The Bank of England held interest rates at 5.25% for the sixth time in a row with the next update on 20 June 2024. At its meeting ending on 8 May 2024, the MPC voted by a majority of 7–2 to maintain Bank Rate at 5.25%. Two members preferred to reduce Bank Rate by 0.25%, to 5%. Andrew Bailey has told the BBC that the UK economy had "turned a corner".

The interest rate set by the Bank dictates the rates set by High Street banks and money lenders. Rates are currently at their highest level for 16 years which has meant people are paying more to borrow money for things such as mo...

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