Adrian S.

In the latest impact report from @Responsible Finance CDFIs lent a record £287m, filling gaps in finance for vulnerable households and viable businesses and social enterprises that are not able to access mainstream finance. CDFIs have grown from lending of £9.2m in 2003 to operating at 31 times this scale in 2023. Since 2003 CDFIs have lent a total of £3.3bn and supported 848,000 customers. You can find out more about CDFIs’ impact in the @Responsible Finance Impact Report: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs

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MaPS - Tackling problem gambling and problem debt #inclusivedesign #problemdebt #debtadvice #vulnerabilitymanagement The Money and Pensions Service July 2024 newsletter covers the thorny topic of 'Tackling problem #gambling and debt'. It also covers people supporting someone that struggles with problem gambling and the MoneyHelper guides. This can extend to #economicabuse and #coercion. Gambling, and its financial impact, can significantly affect a family’s health and wellbeing. A family member could be a victim of financial or economic abuse if: - they're being forced into taking out joint loans or credit to fund their partner’s gambling - the partner has taken out loans or credit in the gambler's name without their knowledge or consent to use for gambling – this is fraud and there are steps that can be taken with the lender to ensure they are not responsible for paying it back. Discover how banks and creditors can help people with gambling debt, what to do if your customer lives with someone who is struggling with gambling, and when to get debt advice. Debt advisers need to mindful of how to deal with debts in the name of the gambler and the partner. This is important when setting up an IVA or DMP, including joint DMPs. Assessing credit file impairments may also be a consideration, which is reflected on the MaPS site. In addition to some of the providers like GamCare and GAMSTOP, data sharing providers like Vulnerability Registration Service (VRS) enable people with a gambling problem to alert potential creditors and debt resolution firms. Use of Hope Macy Family Connect may also be applicable. The MaPS vulnerability page references Experian Supporthub. https://lnkd.in/gZue4bCV The MaPS pages also provides warnings of the temptations of illegal money lenders. DEMSA supports the work that Stop Loan Sharks England is doing to raise public awareness and debt adviser awareness of the scale of the challenge during a #costoflivingcrisis. There are a number of useful tips. This comes as the Gambling Commission launched on 25 July 2024 a new gambling survey which is set to become one of the largest in the world and establish a new baseline for understanding gambling behaviour in Britain. James Jones Helen Lord Nigel Bryant Sam Manning Bryan Foss Chris Warburton Peter Wordsworth Kenneth Doherty Gillian Doyle Jamie Davies Andrew Gething Carolyn Delehanty Barry Hind Karen Perrier Emma Gibbons Rachel Duffey Vanessa Northam Natasha Jane Dickinson Sarah M. https://lnkd.in/gispj4bY

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Join Let's Do Business Finance at this webinar on what you can do to finance your business if your bank can't lend - where you'll hear from Business Manager Lisa Young on how to prepare your business and what you can do next! Register to join the webinar on 1st October from the link in the post below!

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Here at the BSA, we talk a lot about effective and proportionate regulation. But what do we mean by this? Are we asking for fewer rules for building societies and credit unions? Less oversight into their activities? Asking the regulators to 'go easy on them'? Absolutely not. What we want for our members is a regulatory regime that is proportionate in terms of size of organisation and core business, and effective in that it works and does not place unnecessary burden on smaller firms. In essence, we want this proportionality to be applied as far and wide as possible, not just in the PRA's strong and simple regime. Yesterday, building society and credit union representatives gathered in Birmingham to hear from a fantastic range of speakers at the BSA's Annual Risk, Regulatory, Audit and Accounting seminar on a range of subjects, most of which touched on proportionality - the PRA's strong and simple regime and external audit included. Also on the agenda and yet another area where flexibility and proportionality is key, is that of the Corporate Governance Code. At the event we published our updated guidance for building societies, following the FRC's revision. Whilst the Code is aimed at FTSE 350 companies, mutually owned building societies are expected to 'have regard' to it and be able explain clearly to members how they have applied the Principles in the same way that companies would to external shareholders. The updated code in particular addresses the important issue of internal controls to enhance transparency and investor confidence (Provision 29). The BSA guidance makes clear that for dual regulated building societies, compliance with existing and effective PRA and FCA requirements is sufficient to demonstrate compliance with Provision 29. Whilst ultimately it is for the Board to decide what information they need to be comfortable when making any declaration on the effectiveness of their material controls, we do not believe that more reporting would lead to better outcomes for the governance of our members and that there is no need to ‘reinvent the wheel’. Effective and proportionate. Strong and simple. Let us know what you think, do you agree? Many thanks to all of our great speakers and panellists at the event - Saheet Gohil and Andrew Adeoye, EY; Thomas Pugh, RSM UK; Ruth Doubleday Andrew Hopkins, Robin Fieth and Aisling Morgan BSA; Pierre-Alexandre Germont and Xavier Larrieu, Forvis Mazars Group; Alex Brown, Alastair Morley, Deloitte; Tess Kelly Addleshaw Goddard; Sara Forbes, Peter Westlake and Owen Lewis KPMG; Patrick Healy; Daniel Brydon PwC and Oivind Andresen BDO UK LLP #Regulation #MutualGrowth #EffectiveGovernance

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✏ *NEW BLOG* A new blog from Governor Gabriel Makhlouf discusses the Central Bank’s proposals for modernising and updating the Consumer Protection Code which are currently out for consultation. ➡ Makhlouf says the Central Bank’s review is aimed at ensuring the Code remains “fit for purpose and future-ready” adding that consumers will benefit from “a package of new protections” that reflect financial services today. ➡ He says the Central Bank proposes to introduce new digitalisation requirements on firms to ensure they deploy a customer focus in the design and implementation of digital services and delivery channels. ➡ The proposals include new rules around the provision of unregulated activities by regulated firms to ensure customers have no impression or misunderstanding that they are purchasing regulated products and services where that is not the case. ➡ The proposed new Code will also update its approach to vulnerable consumers with new obligations on firms to protect customers from scams, as well as new suitability and advertising requirements to ensure firms communicate fairly and clearly on product sustainability features. ➡ The Central Bank is seeking views from stakeholders on our proposals with our Consultation Paper open for feedback until 7 June 2024. https://lnkd.in/dT3tyVdN

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https://bit.ly/3V7BOOA The FCA has released some new guidance and provided a reminder to listed issuers as to the manner in which they should identify and make public any inside information under the UK Market Abuse Regulations. The FCA illustrates how it expects listed issuers to react in certain scenarios where inside information may arise and also to give some guidance as to the approach that issuers may look to take in those scenarios. In particular, the FCA have provided some particular guidance on the use of social media, such as WhatsApp and other platforms that directors may use to communicate with shareholders and other key stakeholders. In this article, Memery Crystal Corporate Partner, Nick Heap, gives a rundown on the FCA bulletin. Read the full article via the link above. ☝ #FCA #MarketAbuse #ListedIssuers #MAR #MarketAbuseRegulations

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Understanding the change in redress for DB Transfers since 2018 🤔 Don't miss the latest blog from Brian Nimmo on our tracking of the changes of DB transfer value redress, the drivers behind the significant falls in compensation and the factors impacting a consumer seeking redress. Brian also explains why understanding these dynamics is so crucial for both individuals considering a DB transfer and for advisors guiding them through the process. Read his blog on the Broadstone news and insights page here: https://lnkd.in/eheAZrxM

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Featured content: ‌Octopus Investments' story on why B Corps matter and how it is an ideal framework to develop trust in the financial services sector was chosen for our 'Top Picks' newsletter. It was selected from items uploaded to the Pensions for Purpose platform in May as one of six articles to share with members. #BCorp #FinancialServices #PensionsforPurpose https://ow.ly/Iqps50ShUoC

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🎤In top spot is our Case Study Investigation: Reversionary interest trusts and the NRB 🎤 When it comes to gaining and maintaining expertise in inheritance tax (IHT) planning, nothing beats a good case study. In this special case study investigation, two client examples are featured to explore the powerful and flexible features of reversionary interest trusts (RITs) combined with the available nil rate band (NRB) threshold as part of a client’s IHT strategy. In this 50-minute episode, Utmost International’s Steve Sayer joins host Richard Allum to unpack two case studies which will help you: 🔸understand the mechanics and key features of an RIT 🔸consider planning opportunities using RITs especially in conjunction with other options 🔸discuss and explain RITs and NRB with a client in a clear and concise way 🔸apply this knowledge to appropriate client scenarios. Whether you’re a seasoned paraplanner looking to keep your knowledge fresh or new to the role of RITs in IHT planning, this expert discussion offers practical insights and hands-on learning. Download the slides referred to in this case study investigation. Just listen out for the bell 🔔to follow along, and don't forget to complete the CPD form to receive your certificate. Listen here: https://bit.ly/4fehuU5 #Podcast #Paraplanning #ParaplannersAssembly #RITs #NRB #IHT #CaseStudy #CPD #LearnFixShare

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In our latest instalment of the Payment Services and Financial Crime Forum interview series, we had the privilege of speaking with Martin Dowdall, Senior Managing Associate at Sidley Austin LLP. “This is happening soon”... Martin Dowdall, couldn’t be any clearer in his messaging of the upcoming APP Fraud deadlines. Importantly, Martin points out that, similar to Consumer Duty, it’s not just the responsibility of the compliance function to get a firm ready; it is something that will require a ‘whole of firm’ response, including “payments people, data people, and financial crime people.” Furthermore, it’s worth noting that the reimbursement model will likely have an impact on a firm’s capital and liquidity position. Therefore, it’s crucial for finance departments to initiate preparations for funding any reimbursement costs. #paymentforum #cosegic #interview #appfraud #financialcrime

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HM Treasury published its much-anticipated consultation on the draft legislation to bring Buy Now Pay Later inside the UK's regulatory perimeter. Join our webinar for discussion on the key changes and what they mean for lenders and merchants. Register today: https://lnkd.in/e5QkPmuS #FinancialServicesRegulatory #BuyNowPayLater

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The Financial Conduct Authority has issued "Dear CEO" letters to banks, building societies, payment institutions and e-money institutions setting out their expectations for firms following the introduction of APP fraud reimbursements on 7 October 2024. The FCA highlights that: "PSPs should be working to reduce APP fraud by improving their anti-fraud systems and controls." and... "PSPs should: • have effective governance arrangements, controls and data to detect, manage and prevent fraud; • regularly review their fraud prevention systems and controls to ensure that these are effective; and • maintain appropriate customer due diligence controls at onboarding stage and on an ongoing basis to identify and prevent accounts being used to receive proceeds of fraud or financial crime." FinCrime Dynamics has launched #ScamHunter to help firms independently test their APP fraud controls. Scam Hunter: 🔎 Spot the gaps Identify the vulnerabilities in controls against different APP fraud behaviours ⚠️ Test controls against new threats Continuously test controls against emerging APP fraud techniques 🛡️ Improve performance Tune controls to improve performance 💸 Quantify losses Measure and report potential APP fraud losses 📊 Benchmark performance Compare control performance against industry peers contact [email protected] to find out more.

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Join Adam Scarrott, Director of Issuing & Acceptance at UK Finance, speaking on the "Regulatory Frameworks: What Lies Ahead in 2024 and Beyond," at The 3rd Financial Innovation Forum - Payments & Regtech, on 19 September 2024 at the Sheraton Grand Park Lane- in Mayfair, London, United Kingdom. Key Discussion Topics Include: » Promoting regulatory cooperation and convergence » Encouraging harmonisation of regulatory standards across jurisdictions to facilitate cross-border payments and financial innovation » Updating regulatory frameworks to address emerging technologies and risks Don't miss this opportunity to gain insights from over 40 visionary leaders who are at the forefront of the Payments and Regtech industry. Book now to enjoy a 10% discount before it expires! Contact us at [email protected] to claim the discount! To register and access the agenda: https://bit.ly/3xgoTk8 For more information on registration, please contact [email protected] #qubevents #UKFinance #financialinnovation #Payments #RegTech #LondonEvents #FutureofFinance #Networking #RegisterNow #JoinUs #UK #Innovation #conferences #cfo #ceo #leaders #financialservices #finance #fintech #forum #sponsor #meeting

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Options for dealing with your debts #BreathingSpace #DebtRespiteScheme #DebtAdvice #InclusiveDesign We noticed that The Insolvency Service website was showing an update (8/11) to this page when we checked it for the DEMSA bulletin after the publication of the FOI response on early IVA failures (link below). https://lnkd.in/ejU_5bM3 Many #DebtSolution providers reference the 'Options for dealing with your debts' page on their websites along with the MoneyHelper site. 2024 has seen a number of changes, notably the eligibility thresholds for DROs, with the final changes coming into effect on 28 June 2024. Breathing Space volumes in England & Wales have been gradually picking up (link below). The Financial Conduct Authority has increased scrutiny around the #financialpromotion of debt remedies and there is more regulator collaboration in evidence, including with platforms like Google and TikTok. https://lnkd.in/esQcUAVb There were 4,032 DROs and 6,052 IVAs in September 2024. Over the past 6 months, DROs were at their highest monthly levels since their introduction. Robust DRO eligibility checks and #affordabilityassessments are key factors in providing holistic debt advice. The page includes 'report a loan shark' (link below). DEMSA supports Stop Loan Sharks England in the excellent work they do. Cath Wohlers is speaking at the Insolvency Practitioners Association (IPA) conference on 28/11/2024 on the same programme as DEMSA director, Kevin Still. Kevin is chairing a panel session on the sustainability of debt remedies like an IVA. https://lnkd.in/d7ygppf Money and Pensions Service, Christians Against Poverty and Citizens Advice are covering the debt advice landscape into 2025 after the recent change in government. Conference link below with profile pictures. https://lnkd.in/ezh8TJbQ Bailiff powers when they visit your home There is another useful page on dealing with enforcement agents (link below). Russell Hamblin-Boone of the CIVIL ENFORCEMENT ASSOCIATION LIMITED (CIVEA) is also speaking at the IPA event on 28th. He will be discussing the collaborations and transitions made in his sector to improve market confidence in the work they do with local authorities and firms not regulated by the Financial Conduct Authority. Russell and Chris Leslie of the Credit Services Association discussed emerging trends in collections practices at the Credit Connect UK Think Tank in Manchester on 7/11. https://lnkd.in/gmBiqDj Cath Wohlers Patricia Cassidy Melanie Giles Daniel Spenceley Mark Buckley IE Hub Dylan Jones Manu Peleteiro Jamie Davies Wesley Hardy CeMAP, MIMA (Cert), Dave Ascott-Jones Finvence https://lnkd.in/em3ieEVe

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✍️ Baroness Susan Kramer: Time for a revival of community banking in the UK "Compared to most rival economies we are missing a fundamental stratum of banking and that lack undermines our capacity for both local and national growth." Read the blog: https://lnkd.in/ey33PRCx

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More consumer protections are expected to apply to Buy-Now, Pay-Later (BNPL) services. The UK government seeks to apply the Consumer Credit Act to such services, as well as moving it under the oversight of the Financial Conduct Authority. This will enforce BNPL affordability checks, where users will be required to present loan agreement details clearly. The changing conduct will ensure customers are well-informed about BNPL services, as well as extending increased refund accessibility if issues among purchases arise. Discover more about BNPL services in GlobalData Plc: https://lnkd.in/ePDWXme2  #BNPL #HPS

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Yesterday the FCA highlighted the risks of partnering with unregistered cryptoasset firms engaged in illegal UK promotions… ⏰ Targeted at cryptoasset, e-money, and FSMA-authorised firms, the new FCA release (link in comments!) was a stark reminder of potential harms on the horizon… ✅ Consumer harm, thanks to unfair, unclear and misleading promotions. ✅ Financial crime, inadvertently facilitated by regulated and registered firms. ✅ Undercutting UK firms compliant with regulations. Yikes. Not sure if you’re at risk of breaching Section 21? We’re FCA-regulated and authorised section 21 approvers (handy, right?) in addition to having a deep understanding of how to stay on the right side of regulation. ➡️ Interested? Get in touch: https://lnkd.in/eh9ysTkb #FCA #Section21 #FinancialPromotion