Tackling problem debt report | National Audit Office |06.09.18
This report by the National Audit Office (NAO), evaluates The Treasury’s approach to ‘problem debt’ and how well it unites government and other stakeholders’ various activities and interventions. Problem debt – or over indebtedness – has an impact on the economy, as well, of course, on individuals themselves. The NAO conclude that while progress is well intentioned, its oversight of debt collection, is having little impact.
Energy price cap to save households £75, Ofgem says | BBC News | 06.09.18
The energy regulator, Ofgem, has proposed a price cap for gas and electricity bills. The £1,136 a year cap is based on a typical dual fuel customer paying by direct debit – households on default deals will save about £75 on average. The planned cap will be confirmed in November, take effect at the end of December and stay in place until 2023. Eleven million households are expected to benefit.
Andrew Bailey’s speech at the Annual Public Meeting 2018 | FCA |11.09.18
The Financial Conduct Authority (FCA) held its annual public meeting on 11 September, with chief executive Andrew Bailey giving a speech delivered to delegates. His speech covered the year in review, including Brexit, operational resilience, technological change and innovation, financial crime, data, as well as covering some long-standing issues which the FCA has been dealing with. Mr Bailey said that tackling the consumer credit market had been “the largest single task the FCA has undertaken in its history”.
Millennials “unaware of interest rates” as debt levels rise | Credit Strategy | 11.09.18
This article in Credit Strategy details the research of Arrow Global who found that younger generations are more likely to take out a payday loan – with 12% using these services. However, it reports that for 69% of 18-24 year olds and 70% of 25-34 year olds repaying debt on time is ‘very important’. The Arrow Global research states that 43% of UK adults with debt who don’t know the rate on their bank overdrafts.