What you need to know this week
- Consumer Duty and IVAs: Increased scrutiny on creditor voting and IVA variations discussed at a Credit Strategy roundtable.
- UK Economy Growth: The economy grew by 0.1% in Q4 2024, driven by construction and services, while US inflation rose to 3% in January 2025.
- Insolvency Service Leadership Change: Chief Executive Dean Beale to step down in May 2025, initiating a recruitment process.
- Fraud, Credit, and Compliance Convergence: Financial services firms are integrating these functions to enhance risk management and efficiency.
- AI in Financial Services: Increased focus on AI governance, regulatory compliance, and risk mitigation.
- ICO and the Data (Use and Access) Bill: Amendments made in the House of Lords impact data governance regulations.
- Registry Trust Q4 2024 Report: A 19% rise in total judgment values to £595m, with increases in consumer debt levels across most UK regions.
- Consumer Understanding Webinar: Scheduled for 27/2/2025 at 11am, focusing on communication clarity and regulatory expectations.
- FCA Scrutiny and Compliance Costs: Rising concerns over FCA’s email retention policies, increasing compliance burdens, and scrutiny over Fair Value Assessments.
- Government Debt Collection Practices: CSA report highlights inefficiencies in public sector debt collection, calling for reforms.
- Financial Services Competency Requirements: SM&CR and Economic Crime and Corporate Transparency Act 2023 introduce new responsibilities for directors and senior managers.
- Upcoming Events: FourNet CX Roadshow (25-27 February 2025) and additional forums on Quality Assurance Frameworks and debt resolution.
Read the full summary – here
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