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In today’s bulletin

General updateHow the FCA are using the Consumer DutyFSCS Levies into 2024CollaborationsEventsTraining

General update

The UK economy failed to grow between July and September, BBC figures show, after a succession of interest rate rises. Last week, the Bank of England said the UK was likely to see zero growth until 2025, although it is expected to avoid a recession.

UK Finance has published the latest mortgage arrears and possessions data for Q3 2023, while highlighting continuing lender support for customers. The figures are broadly in line with their forecasts, which we have covered in previous bulletins. The total number of homeowner mortgages in arrears is currently 1% of the outstanding mortgage stock, and 0.57% for BTL. Properties in arrears shown below.

The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, 7% more than the previous quarter. The number of BTL mortgages in arrears was 11,540, a 29% increase d...

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