What you need to know this week
- The ICO emphasised AI’s potential to contribute £47 billion annually to the UK economy and its role in fostering responsible innovation.
- Money mule activity cases rose by 11% in the first half of 2024, highlighting the need for robust financial crime policies.
- The FCA reported over 11.7 million active open banking users, with variable recurring payments (VRPs) enhancing consumer control over finances.
- StepChange December 2024 data showed “lack of control over finances” overtaking “cost of living increase” as the primary debt driver.
- UK Finance released principles for sharing customer vulnerability data across mortgage brokers and lenders to meet Consumer Duty outcomes [link].
- Scottish insolvency figures dropped 11.4% year-on-year in Q3 2024/25, while completed Debt Payment Programmes under DAS increased by 27.5%.
- The Personal Finance Society published a guide on economic abuse and its implications for financial advisers.
- The Financial Ombudsman Service received 172,000 complaints in seven months, exceeding expectations, driven by motor finance and unaffordable lending cases.
- Shelter and HSBC research highlighted that 52% of individuals paying housing costs feel financially strained, with 37% cutting back on essentials to meet payments.
- The FCA called for acceptable mortgage default thresholds to align with easing lending rules and Consumer Duty expectations.
- Bailiff regulation reform is under discussion, with StepChange calling for statutory oversight to address enforcement inconsistencies.
- Events: “Navigating the Debt Challenges” (29 January 2025), FourNet CX Roadshow (25-27 February 2025 in Newcastle, Manchester, and Birmingham).
Read the full summary – here
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