LINKS ¦ Roundup

Bank and FCA Enhance Data Collection Processes: The Bank of England and the Financial Conduct Authority are improving internal processes for data collection, reducing costs to the industry. Read more
UK Finance Advocates for Variable Recurring Payments: A report by UK Finance aims to drive competition and efficiencies in commercial applications of VRPs. Read more
Nationwide Ceases Lending on High Flood-Risk Properties: Nationwide has stopped providing mortgages for properties at high flood risk, contrasting with other lenders who continue under certain conditions. Read more
Brexit Checks Could Increase Costs for UK Food Importers by 60%: Importers face significantly higher operational costs due to new post-Brexit regulations. Read more
Birmingham City Council’s Financial Crisis Questioned: Councillors challenge the accuracy of the reported £760m equal pay liability that led to severe budget cuts. Read more
Unexpected Drop in UK House Prices: For the second consecutive month, UK house prices have fallen, putting pressure on the Bank of England. Read more
AI’s Emerging Impact on Cloud Computing: Recent earnings suggest that AI technology is starting to affect business results within major cloud computing platforms. Read more
BNPL Purchases Could Lead to Overwhelming Payment Schedules: Frequent use of Buy Now, Pay Later services may result in hundreds of annual payments, complicating financial management. Read more
Majority of Over 55s Disregard Financial Advice Despite Challenges: Despite facing retirement difficulties, many older individuals neglect professional financial advice. Read more
Real Wage Growth Stagnates Across the UK: In a significant portion of the UK, real wages remain lower than pre-2008 levels. Read more
Increase in Complaints About Credit Cards and Banking Services: The Financial Ombudsman Service reports a rise in finance-related complaints, contrasting with reports of falling mortgage complaints. Read more
Public Becomes More Aware of Financial Scams Through Pension Service: A significant percentage of individuals feel better equipped to handle financial scams after receiving guidance from the Pension Wise service. Read more
In-Work Individuals Still Struggle With Debt Despite Advice: Even among full-time workers who seek debt advice, financial struggles persist, highlighting systemic issues. Read more
John Lewis and Waitrose Reform Job Application Process: These companies now allow job candidates to preview interview questions, aiming to make hiring fairer. Read more
UK Implements Strict Password Regulations to Combat Cyber Attacks: New legislation bans common passwords to enhance security across digital platforms. Read more
Slow Progress on Open Banking in Canada Frustrates Fintech Sector: Delays in implementing open banking regulations are seen as barriers to innovation and competition. Read more
North of UK Sees Stronger House Price Inflation: Despite overall subdued property values, northern regions of the UK exhibit relatively stronger house price growth. Read more
Meta’s Llama 3 Model Sets Pace in Open AI Race: Meta’s new AI model, Llama 3, leads in the open-source AI technology field, still in ongoing development. Read more
Financial Strain for UK BNPL Users as Payments Accumulate: One-third of BNPL users in the UK struggle with their payment obligations, highlighting issues with the financial model. Read more
Monzo Anticipates New Funding Round: UK digital bank Monzo is close to securing an additional £500 million in funding to support its growth. Read more