ROAR-Insights

INSIGHTS ¦ Buy Now Pay Later: Understanding and Addressing the Risks to Consumers – Technical Report

Which Summary The technical report investigates the demographic and behavioural profiles of consumers who use Buy Now, Pay Later (BNPL) services. The report, prepared by Which? and executed by Opinium Research, aims to enhance understanding of BNPL users to inform potential regulatory measures by the Financial Conduct Authority (FCA). It presents a detailed analysis based on a bespoke survey of over 15,000 respondents, offering insights into the characteristics that correlate with BNPL usage. Key Points The survey defined BNPL distinctly… Read more

INSIGHTS ¦ Ten Principles for designing vulnerable consumer data-sharing programmes

Money Advice Trust Summary This document outlines ten principles for designing vulnerable consumer data-sharing programs. Supported by WhatWeNeed.Support and the Money Advice Trust, the paper advocates for data-sharing practices that are transparent, consumer-centric, and ensure the fair treatment of vulnerable and disabled consumers within essential services sectors. Key Points Data-sharing is crucial for improving service access for vulnerable or disabled consumers.A national debate on data-sharing among essential services is ongoing, highlighting the critical need for such initiatives.The document proposes ten… Read more

INSIGHTS+ ¦ Implementing a Digital Collections Strategy

Implementing a digital collections strategy is essential these days for modernising debt recovery processes. The strategy is aimed at enhancing efficiency, improving customer experience, and ensuring compliance with regulatory standards. By leveraging digital tools and data analytics, creditors can better manage collections, reduce delinquencies, and optimise financial outcomes. Why a Digital Collections Strategy? A digital collections strategy is critical for several reasons. Firstly, it enhances operational efficiency by automating routine tasks and providing real-time data analysis. Secondly, it improves customer… Read more

INSIGHTS ¦ PS24/3 Consumer Credit – Product Sales Data Reporting

FCA Summary The policy statement PS24/3 outlines new regulations for consumer credit firms regarding Product Sales Data (PSD) reporting. These regulations are aimed at improving the supervision and monitoring of the consumer credit market by the Financial Conduct Authority (FCA), enhancing data collection, and thus preventing harm to consumers. Key Points The FCA is introducing three new PSD returns: Sales PSD, Performance PSD, and Back book PSD.The new rules will affect firms engaged in consumer credit lending and those providing… Read more

INSIGHTS ¦ Commercial Variable Recurring Payments

UK Finance Summary This report discusses the implementation and governance of Commercial Variable Recurring Payments (cVRP) in the UK, focusing on model clauses that could potentially form a part of multi-lateral or bi-lateral contracts. It examines various aspects of the cVRP system, including payer protections, risk management, and the regulatory framework, aiming to foster a robust, efficient, and secure environment for these types of payments. Key Points Definition and Scope: cVRPs are an evolution of the payment industry, leveraging open… Read more

INSIGHTS ¦ StepChange Statistics Yearbook

StepChange Summary The StepChange Statistics Yearbook 2023 provides an insightful overview of the current state of personal debt in the UK, documenting the challenges faced by individuals seeking debt advice. The report highlights the significant impact of the cost of living increase on debt levels and explores the changing demographic and financial characteristics of new clients who sought advice in 2023. Key Points A total of 183,403 new clients completed their first full debt advice session in 2023.The cost of… Read more