ROAR Insights

Summary The Financial Conduct Authority (FCA) released a recent paper on "Consumer Duty Board Reports: Good Practice and Areas for Improvement." It reviews the first annual board reports submitted by firms to assess their adherence to the Consumer Duty, which sets high standards for customer protection across financial services. The review covers practices in governance, data usage, consumer outcomes, and business strategies, highlighting both exemplary practices and areas requiring improvement. Download as PDF: Summary Insights LINK: Original FCA Link Key… Read more

The Credit Information Market Study (CIMS), initiated by the Financial Conduct Authority (FCA), aims to enhance the quality and consistency of credit information in the UK. This initiative involves several key proposals designed to improve data sharing and reporting practices among financial firms and credit reference agencies (CRAs). Key Highlights Mandatory Data Sharing: In-scope firms will be required to share credit data with designated CRAs to ensure more comprehensive and accurate credit information. Regulatory Reporting: A new reporting framework for… Read more

There has just been a slew of new FCA portfolio letters setting out the strategy for 2025. Consumer Duty as a Core Focus: Across all sectors, the Consumer Duty is central, requiring firms to deliver outcomes that are beneficial for retail customers. Boards and senior management are expected to embed customer-centric practices deeply into company cultures and operations. Supporting Financially Vulnerable Customers: With economic pressures continuing, firms are expected to support customers facing financial difficulties through tailored, fair, and informed… Read more

Link Key Takeaways The professional services industry is undergoing significant transformation driven by generative AI (GenAI), which is reshaping traditional business models. GenAI is accelerating the automation of routine tasks, freeing professionals to focus on more strategic, creative, and high-value work. The "up-or-out" model, once a staple in professional services, is becoming obsolete as AI democratizes access to expertise across all levels of the hierarchy. AI-powered tools are enhancing decision-making, allowing for quicker and more accurate insights in legal, accounting,… Read more

Link Key Takeaways Council tax arrears are a significant and growing issue, with £6 billion owed in England by March 2024. Three-quarters (73%) of StepChange clients in council tax arrears were also behind on energy bills. Escalating debt collection practices have detrimental mental and physical health impacts on individuals. Only 5% of surveyed clients said councils took their personal circumstances into account before escalating enforcement. Bailiff involvement often exacerbates the financial and emotional strain, with 95% of clients reporting negative… Read more