In The Know ¦ DEMSA Summary

  • The Bank of England has maintained the interest rate at 5.25%.
  • Inflation is predicted to drop to the Bank’s 2% target soon.
  • StepChange reports a rise in UK mortgage holders using additional credit.
  • Mortgage Charter review and PS24/2 implementation are upcoming.
  • UK Finance reveals a 3% rise in mortgage arrears for Q1 2024.
  • The ECB has released its business plan for 2024-25, focusing on setting standards for the enforcement industry.
  • The FCA highlights key areas of focus for ARs acting as credit brokers.
  • Motor finance sector faces scrutiny with the FCA investigating Discretionary Commission Arrangements.
  • Financial complaints have increased by 20%, predominantly driven by CMCs.
  • SCOR has updated its Principles of Reciprocity for the Betting & Gaming sector.
  • Collaborative initiatives between digital finance platforms and community-based advice are underway.
  • New webinar and event opportunities are available for professionals in consumer credit and insolvency.

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See also  DEMSA Summary: Personal Insolvency / IVA early failures / FCA updates / Consumer Duty / Collaborations / Training / Events