ROAR Plus

What you need to know this week Nikhil Rathi discussed Consumer Duty at StepChange Connected 2024, emphasising a shift in philosophy rather than new rules. Abby Thomas highlighted the increase in unaffordable lending complaints in her speech at the same event. MorganAsh launched a new customer portal "It’s Who I Am" to encourage vulnerability disclosures. FCA holds interest rates at 5%, and CPI remains at 2.2%. Consumer confidence has dropped, influenced by concerns over government budget plans. The ICO Sandbox… Read more

What you need to know this week Royal Mail is increasing the price of 1st class stamps to £1.65 from October 2024. Christians Against Poverty (CAP) reports that 47% of debt advice seekers have a deficit budget. The Financial Conduct Authority (FCA) banned debt packager referral fees in June 2023. Oversight of Appointed Representatives is showing areas for improvement in effectiveness. Morgan Ash has published a vulnerability checklist to aid firms with Consumer Duty requirements. Lowell Debt Download notes that… Read more

What you need to know this week Bank of England reports an increase in net consumer credit borrowing to £1.2 billion in July 2024. Mortgage borrowing rose to £2.8 billion in July 2024, the highest since November 2022. Credit union total income fell by 5.50% in Q1 2024, but membership and loans to members increased. UK Finance introduced the Economic Abuse Evidence Form to help victim-survivors of abuse. Young gamblers (aged 25-34) are more likely to use credit for betting,… Read more

What you need to know this week Ofgem has set the energy price cap at £1,717 starting from 1st October 2024, reflecting a 9.5% increase. StepChange reports ongoing difficulties for households managing energy bills despite recent price falls. Changes to Winter fuel payments will affect over 10 million older people, removing a £300 benefit. Research indicates significant struggles among older people in managing water bills. AI reliance could increase vulnerabilities to cyberattacks and data breaches. The UK Finance Annual Mortgage… Read more

What you need to know this week Prices rose by 2.2% year-on-year to July 2024. The FCA's CONC 8 review is now expected to start in early 2025. Top-ranked personal current account providers in GB include Monzo, Starling Bank, and Chase. Cyber-resilience remains a focus, with the ICO offering tips on securing IT systems. The PSR has published its response to the call for views on expanding variable recurring payments. The IPA reminded IPs of the IVA reporting requirements under… Read more

What you need to know this week Mortgage arrears have remained stable in Q2 2024, with a slight decrease in early arrears. Consumer car finance and the value of new business have decreased by 11% and 10% respectively in June 2024. The Scottish statutory debt solutions report for Q1 2024/25 shows a 2.1% decrease in personal insolvencies. The Debt Arrangement Scheme (DAS) has seen an increase in approved Debt Payment Programmes (DPPs). StepChange reports that the cost of living remains… Read more