ROAR-Insights

INSIGHTS ¦ Consultation on MaPS proposals for the delivery of its debt advice strategy

Link Key Take Aways There is broad support for MaPS continuing to fund a range of debt advice services, from nationally accessible to community-based services.Respondents highlighted a need for increased funding for community-based debt advice to support vulnerable populations.Many stakeholders want MaPS to share more data on the effectiveness and cost of current services to enable better decision-making.There is concern about geographical inconsistencies in funding for community-based services across England.Business debt advice and the Mental Health Crisis Breathing Space Service… Read more

INSIGHTS+ ¦ PS24/2 Strengthening protections for borrowers in financial difficulty

Recent updates to the FCA’s CONC 7 rules (PS24/2) represent a significant advancement in protecting consumers facing financial difficulties, particularly those using mortgage and consumer credit products. These changes, set to take effect in November 2024, are crucial as they provide stronger, more comprehensive support mechanisms for individuals at risk of or already experiencing financial hardship. By integrating key aspects of the coronavirus Tailored Support Guidance (TSG) into formal regulations, the new rules extend beyond temporary pandemic-related relief, making consumer… Read more

INSIGHTS ¦ PS24/2 Strengthening protections for borrowers in financial difficulty

Recent updates to the FCA’s CONC 7 rules (PS24/2) represent a significant advancement in protecting consumers facing financial difficulties, particularly those using mortgage and consumer credit products. These changes, set to take effect in November 2024, are crucial as they provide stronger, more comprehensive support mechanisms for individuals at risk of or already experiencing financial hardship. By integrating key aspects of the coronavirus Tailored Support Guidance (TSG) into formal regulations, the new rules extend beyond temporary pandemic-related relief, making consumer… Read more

INSIGHTS+ ¦ TSB Final Notice – FCA – Summary of findings

A summary of the final notice from the Financial Conduct Authority (FCA) regarding TSB Bank's handling of customers in financial difficulty, particularly between June 2014 and March 2020. The FCA found that TSB breached key principles concerning vulnerable customers, especially those struggling with mortgage payments, overdrafts, credit cards, and loans. Key findings included: TSB failed to appropriately manage arrears and customers in financial difficulty, affecting 232,849 customers and leading to £99.9 million in redress. A Skilled Person’s review revealed that… Read more

INSIGHTS ¦ Quantum Technology for Financial Services

Quantum Technology: A briefing for Financial Services – Download This briefing document provides an overview of the current status of quantum technology and its implications for the financial services sector, covering advancements in quantum computing, cryptography, communication, and machine learning. It explores both the potential opportunities and risks posed by quantum technology, such as optimising portfolio management, enhancing risk analysis, and the threat to current encryption protocols. Key discussion points include the need for quantum-resistant encryption methods, the development of… Read more

EVENT SUMMARY+ ¦ Behavioural Science and its use in Collections

Roundtable and workshop discussing the use of behavioural science techniques, and their applicability, plus use cases, in Collections. This Live event was held at Canada House in London, and sponsored by Symend and Cowry consulting. Key Take Aways Behavioural science can improve customer engagement and outcomes in collections through personalized interventions Technologies like AI and machine learning enable operationalizing behavioural science at scale Segmentation based on psychological traits provides more effective personalization than traditional metrics Early intervention through behavioural archetypes… Read more