What you need to know this week
- PayPlan reinforces DEMSA’s distinction between FCA-regulated debt solution providers and debt-packagers, following the Insolvency Service report.
- PayPlan adopts the Consumer Duty Services (CDS) IVA sustainability score, with insights shared at the IPA conference on 28 November 2024.
- Stakeholders suggest policy integration of mental health support with financial technology for improved financial resilience.
- 9 million people in the UK were impacted by financial scams over the past year, according to Citizens Advice.
- McKenzie Jones Associates shut down for misleading consumers with false ‘early resolution’ promises on IVA debt solutions.
- FCA policy statement PS24/2, addressing protections for borrowers in financial difficulty, goes live on 4 November 2024.
- CP24/19 submissions on FCA Consumer Credit Regulatory returns are due by 31 October 2024.
- Enhanced FCA guidelines for firms handling customers in financial distress will be implemented from 4 November 2024.
- Vulnerability management remains a priority for the FCA, with ongoing emphasis on cross-sector data sharing initiatives.
- The Financial Ombudsman Service (FOS) reported a 40% increase in complaints year-on-year for H1 2024, particularly in banking and credit.
- Industry focus remains on accurate affordability modelling amidst market volatility.
- IPA Conference, focusing on personal insolvency, will be held on 28 November 2024.
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