What you need to know this week
The Bank of England has reduced its growth forecast for 2025 to 0.75% and cut interest rates to 4.5%.
Homeowners on mortgage tracker deals will see a typical £29 fall in monthly repayments due to the interest rate cut.
Abby Thomas has stepped down as CEO of the Financial Ombudsman Service; interim leadership is in place.
The Financial Ombudsman Service will start charging Claims Management Companies £250 per case from April 2025.
The FCA has amended or withdrawn nearly 20,000 misleading financial promotions in 2024, a significant increase from the previous year.
The FCA QA Survey aims to gather insights on Debt Advice firms' QA frameworks, with an event on this topic scheduled for 21 February 2025 in Manchester.
UK Finance reports a 2% drop in homeowner mortgage arrears in Q4 2024, but repossessions have increased.
StepChange has reported an 82% rise in mortgage arrears among its clients.
Ofgem has issued a consultation on improving debt standards in th...
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