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In the latest DEMSA Bulletin, an array of critical insights regarding consumer financial well-being, regulatory updates, and debt-related concerns are discussed. The bulletin delves into the challenges faced by health and care professionals when discussing financial issues, revealing that half of them have observed a surge in money-related health problems but feel unequipped to address these concerns effectively. Additionally, the bulletin explores the impending Consumer Duty, its implications on the financial sector, and the necessity of authentic sources for financial advice. Furthermore, it delves into loan shark activities and urges caution while seeking advice online. The bulletin also underscores trends in insolvency and debt, presenting key statistics on individual insolvencies, IVAs, and DROs. Amidst growing concerns about misleading financial promotions, the bulletin underscores debt charities’ efforts to ensure consumers’ confidence in debt advice. Insights on Product Assurance Frameworks for Debt Management Plans (DMPs) are discussed alongside an upcoming live training session on Consumer Duty by the Vulnerability Registration Service (VRS).
Key Points
- Healthcare Professionals and Finances: Half of health and care professionals report a rise in money-related health issues, but 88% feel ill-equipped to engage in financial conversations.
- Consumer Duty and Regulatory Landscape: The impending Consumer Duty prompts discussions on risk assessments by financial operators and the need for trustworthy online financial promotions.
- Combatting Loan Sharks: The bulletin emphasizes caution when seeking debt advice online and highlights efforts to curb loan shark activities.
- Insolvency Trends: The bulletin presents trends in individual insolvencies, IVAs, DROs, bankruptcies, and applications for moratoria.
- Combatting Misleading Promotions: Debt charities warn against misleading financial promotions and advocate for credible debt advice sources.
- Enhancing Debt Management Plans (DMPs): Insights on Product Assurance Frameworks underscore a focus on customer outcomes in DMPs.
- Live Training by VRS: An upcoming live training session by the Vulnerability Registration Service (VRS) explores Consumer Duty.
- TV Program on Numeracy and Consumer Duty: A forthcoming TV program delves into numeracy and the significance of Consumer Duty.
Key Statistics
- Healthcare Professionals: 50% have witnessed a surge in money-related health issues; 88% feel unequipped for financial conversations.
- Insolvency Statistics: Bankruptcies increased by 17.4% compared to the previous year; 776 applications for moratoria granted in Q1 2023-24.
Key Takeaways
- Healthcare professionals struggle to address financial concerns, revealing a need for training and resources.
- Consumer Duty introduces new obligations for financial operators and emphasizes credibility in financial promotions.
- Caution is advised when seeking debt advice online due to the prevalence of loan shark activities.
- Insolvency trends indicate rising bankruptcies and a need for reliable financial data.
- Debt charities emphasize the importance of credible sources for debt advice to ensure consumer confidence.
- Enhancing DMPs with Product Assurance Frameworks prioritizes customer outcomes in the financial sector.
- Vulnerability Registration Service (VRS) offers live training on Consumer Duty for enhanced financial services.
- Upcoming TV program highlights the role of numeracy and Consumer Duty in consumer financial well-being.
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