What you need to know this week
- The Bank of England has reduced its growth forecast for 2025 to 0.75% and cut interest rates to 4.5%.
- Homeowners on mortgage tracker deals will see a typical £29 fall in monthly repayments due to the interest rate cut.
- Abby Thomas has stepped down as CEO of the Financial Ombudsman Service; interim leadership is in place.
- The Financial Ombudsman Service will start charging Claims Management Companies £250 per case from April 2025.
- The FCA has amended or withdrawn nearly 20,000 misleading financial promotions in 2024, a significant increase from the previous year.
- The FCA QA Survey aims to gather insights on Debt Advice firms’ QA frameworks, with an event on this topic scheduled for 21 February 2025 in Manchester.
- UK Finance reports a 2% drop in homeowner mortgage arrears in Q4 2024, but repossessions have increased.
- StepChange has reported an 82% rise in mortgage arrears among its clients.
- Ofgem has issued a consultation on improving debt standards in the domestic retail market.
- The ICO has launched a direct marketing advice generator to help firms comply with UK law.
- Philip Hirons has been appointed as Solutions Consultant at TransUnion.
- FourNet will host a CX Roadshow on self-funding digital transformation from 25-27 February 2025 in various UK cities.
Read the full summary – here
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