Financial Difficulties

[INSIGHTS] Ofwat: Powers for higher standard in customer service

Ofwat annouced this week they are looking for new powers to monitor and enforce high levels of customer service. As David Black, Ofwat CEO pointed out. “In England and Wales, households are not able to choose their water company, so it is crucial that good customer service is not a postcode lottery. We want the powers to enforce that fundamental expectation.  People expect their water company to get the basics right and rectify things quickly when they go wrong and… Read more

[INSIGHTS] Ofgem: Vulnerability and guidelines within the Energy Industry

At the end of April Ofgem held a Vulnerability summit at which Jonathan Bearley gave a speech highlighting the need for a focus on vulnerability. Interestingly also the lines between financial difficulty and non-financial vulnerability is also increasingly getting blurred, with an increasing discussion of financial vulnerability. we will likely see even more of this trend going forward. Jonathan Brearley’s Speech at Ofgem’s Vulnerability Summit Energy prices are unlikely to return to pre-2021 levels and there is much to be… Read more

[INSIGHTS] Financial Health report 2023

In the latest report from TDX and Equifax, some interesting stats around mental health and financial difficulties. Also a little shocked at the volume of unclaimed benefits. Key Summary Points One in three customers experience outgoings that exceed their monthly income.Mental health and money problems are closely linked, with almost half of consumers in problem debt having mental health conditions.Increased disclosure of vulnerability to debt collection agents indicates the need for tailored support.Mortgage lenders are preparing to assist customers facing… Read more

[WEBINAR] – EY Consumer Duty webinar with FCA and financial services leaders

Summary of E&Y webinar this morning, including a speech from Sheldon Mills from the FCA and a panel on representatives from Financial services. An interesting focus on MI, evidencing, culture and training really came through in the discussion. Find more at our training here Consumer Duty – UK Management Training Summary Discussion Points The discussion focused on the FCA’s implementation of the Consumer Duty and its implications for the financial industry.Sheldon Mills, FCA’s Executive Director, emphasized the importance of firms… Read more

[DASHBOARD+] House Price Trends : England and Wales

New data update today on house price trends in England and Wales, quickly run through a dashboard. What is interesting is how London in particular has outstripped the rest of the country in terms of house prices, and have smaller average property sizes. Generally the south, east (towards Norfolk) and East Midlands has also seen an increase benefiting from being in London's orbit. This data is up until 2021, and bringing this up to day from these headlines this morning....… Read more

[INSIGHTS] : Finalised FCA Guidance on the Fair treatment of vulnerable customers

This is the latest guidance from the FCA (Feb 21) around the treatment and guidelines for treatment of vulnerable customers. This document contains the detailed guidance and examples for use by firms in the UK. Finalised Guidance on the Fair treatment of vulnerable customers Summary The document is a part of the Financial Conduct Authority’s guidance for firms on the fair treatment of vulnerable customers. It emphasizes the importance of delivering appropriate customer service that responds flexibly to the needs… Read more