Challenges in preventing consumer harm:
- Consumers do not understand or deal with their finances before they become problematic
- Declining consumer resilience due to decrease in home ownership
- Increasing number of borrowers classified as vulnerable
- Debt advice a distress purchase which affects consumer decision making
Protecting businesses under new regulations:
- Evidencing relevance of products sold, affordability criteria met and consumer understanding of financial commitment
- Increasing ability to identify those in financial difficulty early enough – and then deal with them appropriately
- Identification and appropriate management of all kinds of vulnerable consumers
- Ensuring robust processes and procedures in place to benefit both business and consumer
- Working with CMCs to minimise impact on businesses
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