What you need to know this week
- UK house prices hit a record high in November 2024 (£298,083), with a 1.3% monthly increase, marking the fifth consecutive rise.
- Retail footfall increased by 15% week-on-week and was 5% higher compared to the same week in 2023.
- Cash usage in shops rose for the second consecutive year, with digital payment trends varying by demographics.
- The FCA has launched consultations on regulatory fees (CP24/25) and changes to debt management (CP24/26) for FY 2025/26.
- Consumer Duty updates indicate the FCA will focus on customer outcomes, with reports expected by December 2024.
- The Financial Inclusion Committee has been established to tackle banking access and affordable credit for vulnerable individuals.
- Water companies are consulting on updated Priority Services Registers to better support vulnerable customers by 2025.
- The Credit Services Association has appointed Harvey Watson as its new Learning and Development Director.
- The Financial Services Compensation Scheme (FSCS) projects a £394m levy for FY 2025/26, with compensation costs stabilising.
- Updates to the FCA Financial Crime Guidance (PS24/17) emphasise adjustments required for Consumer Duty compliance.
- The Insolvency Service highlights systemic poor practices in IVAs, urging improvements in governance and consumer protections.
- MALG North East & Yorkshire event is scheduled for 12 December 2024 in Leeds.
Read the full summary – here
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