What you need to know this week
- Net mortgage borrowing increased to £3.4bn in October 2024, while consumer credit borrowing decreased slightly to £1.1bn.
- The inflation rate rose to 2.3%, exceeding the government’s target of 2%.
- The FCA has increased regulatory activities, focusing on financial promotions, unused permissions, and data requests with December deadlines.
- Consumer credit annual growth slowed to 7.3%, with credit card borrowing growth stable at 9.5%.
- The FCA and FOS are seeking input on modernising the redress system, with submissions due by 30 January 2025.
- Fraud and scam complaints surged, with over 73,000 complaints in Q3 2024 and £570m stolen in the first half of 2024.
- The Economic Abuse Evidence Form (EAEF) is being adopted to support victim-survivors of abuse, with growing industry collaboration.
- The FCA’s PS24/16 rules for Critical Third Parties will take effect on 1 January 2025 to strengthen operational resilience.
- AI adoption in financial services has reached 75%, with a further 10% of firms planning adoption within three years.
- Simplified IVA protocols and enhanced quality assurance are anticipated for the insolvency sector.
- Debt advice initiatives by CAP and Citizens Advice focus on breathing space and DROs to support those facing financial challenges.
- MEGA.AI has partnered with DebtStream to integrate AI-powered debt collection tools.
Read the full summary – here
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