What You Need to Know This Week
- UK GDP contracted by 0.1% in January 2025, reversing expectations of 0.1% growth.
- The manufacturing sector saw a decline, while consumer-facing services grew by 0.1%.
- FCA is consulting on future contactless payment limits, closing 9 May 2025.
- The Payment Systems Regulator (PSR) is being abolished, with responsibilities shifting to the FCA.
- FCA published an update on the motor finance review, with potential redress schemes for affected consumers.
- FCA findings highlight insufficient consumer support and governance weaknesses across financial services firms.
- StepChange noted that 55% of clients have a vulnerability alongside debt problems.
- ICO released new guidance on employment data protection compliance for firms handling worker records.
- MaPS is recruiting a Non-Executive Director (NED) with experience in consumer advocacy and regulation.
- Octopus Money and Aveni AI partnership to implement AI-driven vulnerability detection and compliance tools.
- CIVEA & NSN partnership to enhance enforcement support for vulnerable customers.
- Multiple training sessions and industry events focusing on consumer vulnerability, AI, and behavioural science are scheduled.
Read the full summary – here
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