What you need to know this week
- FCA Deadlines Looming: The deadline for the FCA Fair Value Assessment is on 18 October 2024, with the Stage 2 Customer Support RFI closing shortly before on 16 October 2024.
- Feedback from FCA: Recent feedback from the FCA emphasises the need for regulated firms to enhance customer support and fair value assessments in payment services.
- Mortgage Defaults on the Rise: Bank of England reports show an increase in mortgage defaults in recent months, predicting a continued rise through the end of 2024.
- Upcoming Rule Changes: The BiFD rule changes take effect on 4 November 2024, impacting mortgage lenders and consumer credit providers.
- Economic Outlook and Government Budget: Speculation about tax rises ahead of the UK government’s budget on 30 October 2024 has led firms to pause hiring and investment decisions.
- EU DORA Enforcement: The EU Digital Operational Resilience Act (DORA) will be enforced starting 17 January 2025, crucial for firms managing digital operations.
- ICO’s New Data Protection Framework: A newly launched ICO audit framework aims to assist firms in maintaining compliance with UK data protection laws.
- Key Events: The FourNet Digital Transformation Summit is scheduled for 16 October 2024 in Manchester, focusing on AI and customer experience innovations.
- TSB Fined for Poor Customer Handling: The FCA has fined TSB £99.9 million, impacting over 232,849 customers, underscoring the importance of fair treatment under the Consumer Duty.
- FCA Handbook Review: Firms must prepare for changes following the introduction of the Consumer Duty, with a review deadline set for 31 October 2024.
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