ROAR Plus

What you need to know this week The Budget introduced a cap on Universal Credit deductions, reducing them from 25% to 15% for around 1.2 million households. IPA has released guidance for Insolvency Practitioners (IPs), focusing on fair and transparent treatment of consumers in line with the Consumer Duty. The FCA issued questionnaires for lenders and debt buyers around Credit Information Market Study (CIMS), with a pre-Christmas response deadline of 20 December 2024. The FCA highlighted issues with unauthorised debt… Read more

What you need to know this week PayPlan reinforces DEMSA’s distinction between FCA-regulated debt solution providers and debt-packagers, following the Insolvency Service report. PayPlan adopts the Consumer Duty Services (CDS) IVA sustainability score, with insights shared at the IPA conference on 28 November 2024. Stakeholders suggest policy integration of mental health support with financial technology for improved financial resilience. 9 million people in the UK were impacted by financial scams over the past year, according to Citizens Advice. McKenzie Jones… Read more

What you need to know this week Inflation in the UK has unexpectedly dropped, potentially leading to interest rate cuts. FCA has scheduled a horizon scan for 10am on 22/10/2024. The Insolvency Service has released a concerning report on early IVA failures. Personal insolvency statistics show a significant increase in England & Wales as of September 2024. MaPS has proposed strategies for improving the delivery of its debt advice. The regulation of BNPL products is advancing with government consultations and… Read more

What you need to know this week The FCA Fair Value Assessment and Stage 2 Customer Support RFI deadlines are approaching on 18 October 2024 and 16 October 2024, respectively. FCA's recent feedback highlights the need for better customer support and fair value in payment services. Mortgage default rates have risen in the last quarter and are expected to rise again in the upcoming quarter. The Borrowers in Financial Difficulty (BiFD) rule changes will take effect on 4 November 2024.… Read more

What you need to know this week Government’s first budget scheduled for 30th October 2024, with discussions around funding gaps and potential cuts to the winter fuel allowance. GfK consumer sentiment index fell sharply in September 2024, reversing earlier signs of recovery. The Money Charity reported rising financial challenges, including mortgage arrears and increased consumer credit lending. Aryza has acquired NTI, a specialist insolvency and debt advice training provider. DEMSA has highlighted the need for collaboration between debt advice providers… Read more

What you need to know this week Council Tax Arrears Levels: As of June 2024, council tax arrears levels in England reached £6 billion. Debt Collection Practices: The Labour government is considering changes to council tax including the potential removal of the single person discount. Consumer Duty - Fair Value Assessments: Financial firms must demonstrate that all groups of customers receive fair value for products and services. Energy Arrears: Record levels reached with £3.69 billion owed, ahead of a 9.5%… Read more