What you need to know this week
The UK economy contracted by 0.1% in October 2024, marking a second consecutive monthly decline.
74% of households rely on credit products like Buy-Now-Pay-Later (BNPL) for Christmas, with usage rising to 87% among 25–34-year-olds.
Ofgem launched consultations on debt strategy proposals, including zero-standing-charge tariffs, closing on 6 February 2025.
Energy arrears reached £3.82 billion in September 2024, a 91% increase in two years.
The FCA reviewed Consumer Duty Board reports from 180 firms, identifying gaps in governance and data usage.
Smaller firms are advised to leverage external expertise and insights from trade bodies to meet regulatory expectations.
Complaint handling under the Consumer Duty emphasised root cause analysis, using techniques like the Five Whys methodology.
CP24/26 proposed changes to align Debt Management Firms’ auditor obligations with FCA policy, with feedback due by 13 January 2025.
TransUnion partnered with Aryza to enhan...
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