In The Know ¦ DEMSA Summary

  • General Election set for 4 July 2024; expect impacts on public sector engagements and regulatory progress.
  • Inflation has eased to 2.3% as of April 2024, suggesting possible interest rate cuts this summer.
  • UK private rents have increased by 8.9% over the past year, exacerbating affordability concerns.
  • Over £1 billion was stolen through fraud in 2023, highlighting ongoing challenges in financial security.
  • HSBC and Marks & Spencer Financial Services fined £6.2m for poor treatment of customers in arrears.
  • FOS proposes new charging for Claims Management Companies, aiming to improve consumer outcomes.
  • Financial Services Compensation Scheme expects to pay £363m in compensation during 2024/25.
  • FCA updates on Consumer Duty emphasise the need for firms to address vulnerability.
  • Persistent issues with IoT product security have eroded public trust.
  • Significant discussion around access to credit and the role of illegal lending.
  • Upcoming events and webinars focused on regulatory updates and consumer vulnerability.
  • New initiatives and collaborations aim to enhance services for vulnerable and financially stressed individuals.

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See also  DEMSA Summary: FCA on vulnerability / ICO / Scams / Insolvency stats / DRO update / Events / Collaborations / Debt Adviser Apprenticeship