What you need to know this week
The ICO emphasised AI's potential to contribute £47 billion annually to the UK economy and its role in fostering responsible innovation.
Money mule activity cases rose by 11% in the first half of 2024, highlighting the need for robust financial crime policies.
The FCA reported over 11.7 million active open banking users, with variable recurring payments (VRPs) enhancing consumer control over finances.
StepChange December 2024 data showed “lack of control over finances” overtaking “cost of living increase” as the primary debt driver.
UK Finance released principles for sharing customer vulnerability data across mortgage brokers and lenders to meet Consumer Duty outcomes [link].
Scottish insolvency figures dropped 11.4% year-on-year in Q3 2024/25, while completed Debt Payment Programmes under DAS increased by 27.5%.
The Personal Finance Society published a guide on economic abuse and its implications for financial advisers.
The Financial Ombudsman Service ...
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