ROAR Plus

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,… Read more

What you need to know this week UK house prices hit a record high in November 2024 (£298,083), with a 1.3% monthly increase, marking the fifth consecutive rise. Retail footfall increased by 15% week-on-week and was 5% higher compared to the same week in 2023. Cash usage in shops rose for the second consecutive year, with digital payment trends varying by demographics. The FCA has launched consultations on regulatory fees (CP24/25) and changes to debt management (CP24/26) for FY 2025/26.… Read more

What you need to know this week Net mortgage borrowing increased to £3.4bn in October 2024, while consumer credit borrowing decreased slightly to £1.1bn. The inflation rate rose to 2.3%, exceeding the government's target of 2%. The FCA has increased regulatory activities, focusing on financial promotions, unused permissions, and data requests with December deadlines. Consumer credit annual growth slowed to 7.3%, with credit card borrowing growth stable at 9.5%. The FCA and FOS are seeking input on modernising the redress… Read more

What you need to know this week The Consumer Prices Index (CPI) inflation rose to 2.3% in October 2024, up from 1.7% in September. Private rental prices increased by 8.7% year-on-year, with 53% of renters struggling to meet bills and 32% relying on credit to afford rent. Ofgem announced an energy price cap reduction to £1,738 effective January 2025, down from £1,928. E.ON Next paid £14.5m for billing errors affecting 250,000 prepayment meter customers, including 100,000 accounts in credit. The… Read more

What you need to know this week Mortgage rates are increasing despite a reduction in the Bank of England rate due to fiscal policies affecting economic predictions. The FCA is consulting on extending the time motor finance firms have to handle commission complaints following recent legal judgments. Regulatory compliance costs are soaring, with calls for a review to address the impact on innovation and market competition. PayPlan is the first IVA provider to fully adopt the IVA Integrity Score to… Read more

What you need to know this week Bank of England’s interest rate has been reduced to 4.75%, with 8–1 MPC vote split. Trump’s US presidential re-election raises concerns over potential regulatory divergence. Mortgage arrears among UK homeowners have increased by 8% year-on-year, with StepChange reporting a 68% rise in client mortgage arrears. Online Choice Architecture practices under review by ICO and CMA for potential impacts on consumer data control. PS24/2 rules to protect borrowers in financial difficulty took effect on… Read more