What you need to know this week
- UK card transactions surpassed £1 trillion in 2024, with an increase in both the number of transactions and cards issued.
- The FCA outlined a 5-year strategic focus including smarter regulation, economic growth support, enhanced consumer navigation in financial decisions, and intensified efforts against financial crime.
- Consumer Duty rules have been fully implemented, prompting quick regulatory changes to reduce costs and support consumer outcomes.
- The Spring Statement 2025 highlighted a bleak outlook for UK households facing higher taxes and living costs.
- New IVA protocol adjustments aim to provide greater assurance for homeowners and a more streamlined process for dealing with debts.
- The Financial Ombudsman Service plans to resolve 270,000 cases in FY 2025/26, a 20% increase from the previous year.
- Aryza’s collaboration with StepChange and the Vulnerability Registration Service emphasises the importance of partnerships in the debt management sector.
- The Priority Services Register update will help vulnerable customers receive necessary support from water companies.
- Debt Awareness Week spotlighted significant initiatives and collaborations aimed at tackling debt challenges.
- FCA continues to focus on misleading financial promotions and the clarity of consumer communications.
- Enforcement Conduct Board’s business plan and its implications for industry standards.
- Upcoming events, including the AI and Data Sharing Utility event and a webinar on vulnerable customers.
Read the full summary – here
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