Nicola Anderson

This update from the FCA about how to explain commissions to consumers should be a must read for lenders and brokers. The FCA references the Consumer Duty to illustrate its expectations in making sure communications are designed to engage consumers, including vulnerable consumers, and customer understanding can be assessed through appropriate testing.

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📢UK’s Financial Conduct Authority hires Colin Payne as new head of innovation! The UK’s Financial Conduct Authority (FCA) has bolstered its leadership team by appointing Colin Payne as its new head of innovation. Learn more 👉🏼https://lnkd.in/dxfqt2Gg #fintech #finServe #News #FCA #ColinPayne

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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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Loans from CDFIs help to reduce regional and economic inequalities.  60% of loans to SMEs were in the most disadvantaged areas of the UK. Read more in @resp_finance latest impact report https://lnkd.in/g6QzmxER #RipplesToWaves #BusinessLending #CDFIs 

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💡 TISA has created this manifesto to highlight to policymakers the set of key policy proposals which are essential to improve the financial wellbeing of UK consumers. We are calling on the Government to work with TISA, the Financial Services industry and Consumer groups to increase consumers’ financial wellbeing. TISA supports the aim to increase economic growth and prosperity. Our proposals seek to support this aim by improving financial literacy, reaching underserved members of society and incentivising innovation. This summary outlines our 10 recommendations to improve the financial wellbeing of UK households. The full version, detailing each of these ten points can be requested on the website. 🔗 View it here: https://lnkd.in/gQ4tD4Zp

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This is some very positive data - a sign of optimism, especially with the projected growth outside London. Let's hope our financial services sector continues on this path in the long term 📈 ➡️ https://lnkd.in/egeEGmwd #FinancialServices #FinancialSector #ThursdayThoughts

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💬 The Payment Systems Regulator has published its response to a call for views on the expansion of variable recurring payments (VRPs) in the UK, citing key areas such as a multilateral agreement, mandated participation and pricing. Kate Fitzgerald, the PSR's head of policy, said: "Our call for views response aims to provide the transparency around what’s needed to make sure Open Banking keeps growing, delivering new financial opportunities and services that increase choice and flexibility for consumers." Read the full story at the 🔗 including comments from Henk Van Hulle of Open Banking and Tom Burton of GoCardless. #payments #openbanking #recurringpayments #regulation #financialservices #paymentinnovation Sam Uden Samantha Boyle https://lnkd.in/epJRz--v

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We were really interested to see the Equity Release Council’s latest findings around optional partial repayments – headlines such as an 18% annual uplift in the total value of repayments and a 30% increase in the average repayment amount both serve to highlight the importance of flexible lifetime mortgage solutions. We’re proud to offer products with a variety of ERC-free annual repayment levels to suit a diverse range of customer needs. Our range of lifetime solutions currently provide customers with the option to repay 10% of the initial balance each year (Classic, Sovereign), 12% (Emerald), 20% (Heritage Freedom 20) and 40% (Heritage Freedom 40) without incurring any penalties. Learn more about our products here: https://bit.ly/3jktiXO Use our calculators to illustrate the effects of making payments to your clients today: https://bit.ly/3oUqeEU #laterlifelending #retirementplanning #equityrelease #financialservices #lifetimemortgages #consumertrends #research

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Join us on a journey to forge the future of the Midlands! We’re hosting a pivotal gathering of visionary leaders and pioneers at the forefront of their fields. The Midlands Economic Summit is your gateway to a world of innovation, collaboration, and growth. Dive into our five transformative themes: Midlands devolution recognises that local leaders are best placed to make local decisions. How can we leverage this opportunity to build stronger public-private investment partnerships? Midlands collaboration is powerful and committed to achieving more together. How can connecting collectively with even greater ambition, urgency and scale accelerate growth and investment? Midlands innovation has a rich heritage that that continues today in the form of world-leading R&D. How can we capitalise on and commercialise this to drive investment back into the region? Midlands places matter to our communities, businesses and economies. How can we deepen and connect collaborative and transformational placemaking to drive inclusive growth? Midlands businesses are resilient in the face of challenge but hungry for growth. How can we empower our private sector to thrive by creating the best conditions for investment and growth at scale and speed? The Midlands Economic Summit is more than an event; it’s a movement. Together, we’ll address critical questions, overcome challenges, and seize opportunities to energize investment and accelerate development. 📅 Mark Your Calendars: Monday, 10th June 2024, at The Vox Conference Venue Interested in being part of this transformative experience? DM me to secure your spot or learn more!

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Digital verification innovation will transform how consumers and businesses engage with the financial services sector  Centre for Finance, Innovation and Technology (CFIT) leadership bringing together a range of stakeholders in tackling economic crime will make it easier for businesses to access financial services.  The White Paper published today highlights how this industry leadership can have real positive impact. Terrific leadership by Leon Ifayemi Teresa Lam #FinTech #Innovation #FinancialServices #EconomicCrime #DigitalVerification  Charlotte Crosswell OBE Alex Marsh ★ Madush Gupta ★

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Excellent news at the Responsible Finance event for CDFI’s supporting SMEs across the country, with this announcement of £150m from British Business Bank and GOV.UK - https://lnkd.in/eeANqyiX #BuildingWaves

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The case remains for the Bank of England to start cutting rates With over two decades of experience in financial advisory and asset management, Nigel Green, CEO of deVere Group, advocates for the Bank of England to initiate interest rate cuts this summer, despite mixed UK inflation signals. Highlighting the potential benefits such as reduced mortgage payments, increased consumer spending, and stimulated economic growth, Green emphasizes the importance of proactive measures in the current economic climate. His insights underscore the significance of aligning with global trends to maintain competitiveness and foster confidence among businesses and consumers. Join the conversation and share your insights! The case remains for the Bank of England to start cutting rates (investorideas.com)

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Financial Conduct Authority is calling on industry to identify rules which could be removed or simplified if they overlap with the Consumer Duty.  This is great news. It's something we at Innovate Finance have been calling for since 2021 - when we said: "Outcome-based rules will not promote innovation if they are superimposed on top of existing prescriptive rules. In advance of the introduction of the new Consumer Duty, we recommend that there be a thorough, post-Brexit review of FCA retail consumer regulation to identify existing prescriptive rules which could be removed when the Consumer Duty is introduced." We were delighted when Tulip Siddiq and Rt Hon Rachel Reeves adopted this in their review of Financial Services 'Financing Growth' earlier this year. Now it is being taken forward by the regulator. Sometimes the best things come to those who are persistent and patient! We will be working with @Innovate Finance members to respond to this review. Let's make the most of this huge opportunity to simplify and streamline the rule book - to achieve better outcomes for consumers and support innovation and growth. The FCA have said "We particularly want to address potential areas of complexity, duplication, confusion, or over-prescription, which create regulatory costs with limited or no consumer benefit. We also want to include appropriate flexibility in our rules to be responsive to future changes and innovation." What would you put on the list? #Innovation #Growth #ConsumerDuty #OutcomebasedRegulation

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Invitation to join webinar As part of the Money & Pension Services (MaPS) Talk Money Week, you are warmly invited to join us for the online launch of our new report: Good Financial Conversations Reviewing the evidence on talking about money The webinar will be hosted by Coventry University at: 12.00-13.30, 7th November 2024. The report has been prepared by Professor Sally Dibb, Dr Kevin Broughton, Dr Hussan Aslam and Dr Yurun Yang from the Centre for Business in Society at Coventry University (CBiS), with the support of funding from the Money & Pensions Service (MaPS) and Coventry University’s ESRC Impact Acceleration Account. What the webinar is about This report brings together a range of new and existing evidence about the value of financial conversations and the implications for people’s financial wellbeing. Money is one of the last great taboos, with many finding it hard to talk about their financial concerns. Yet having conversations about money can support individuals to make better financial decisions, improve their financial resilience, and ensure those with money problems get help sooner. At a time when more than a quarter of UK adults are suffering low financial resilience and many more are feeling financially squeezed, the need for good conversations about money that support people’s resilience has never been greater. What will be covered The webinar will be introduced by MaPS, there will be a short presentation about the report and the findings by the report authors, followed by an open discussion and Q&A. Please note: The event will be recorded and subsequently will be made publicly available. Register here You can register for the webinar here https://lnkd.in/eaCqcfVG We look forward to welcoming you to the webinar. If you have any questions, please contact Professor Sally Dipp at sally.dibb@coventry.ac.uk

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Today's Scottish Budget included several key points that will impact SMEs across the country: 1. Business Rates– The government has confirmed a freeze on the poundage rate for 2024-25, providing some certainty for businesses facing cost pressures. There are also measures to support businesses in sectors hardest hit by rising costs. 2. Investment in Infrastructure – Significant funding has been allocated to support green energy projects, transport infrastructure, and digital connectivity, which could create new opportunities for growth and innovation in various sectors. 3. Support for Innovation and Skills – A continued focus on upskilling the workforce and funding for R&D initiatives reflects the Scottish Government’s commitment to boosting business innovation and competitiveness. 4. Taxation – While the Scottish Government maintains its position on higher income tax rates for top earners, businesses may need to navigate the potential impact on consumer spending and workforce mobility. For SMEs, the freeze in business rates and continued investment in infrastructure and skills development are positive steps. However, businesses will need to remain agile in light of the broader economic challenges. As always, it’s important to stay informed on how these budget measures might affect your business. Please don’t hesitate to reach out if you’d like to discuss how Barclays can support your business through these changing times. #ScottishBudget #SMEs #BusinessSupport

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A Brief Summary of a recent analysis we carried out on businesses in England and Wales with turnover of £15 million to £150 million with at least £1 million debtors with some surprising results. #invoicefinance #funding #creditcontrol

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✨A historic day for CDFIs✨ Double boost for small business finance: Unlocking finance and empowering growth across the UK This morning, at the Responsible Finance Member Day, two new programmes that will support CDFIs (Community Development Finance Institutions) were announced - a £150 million initiative from British Business Bank and a £4 million initiative from JPMorganChase. Our CEO Theodora Hadjimichael said, “We are delighted to announce this support from our valued partners. This package of lending capital from the British Business Bank and operational funding from JPMorganChase means that CDFIs can grow to turn the tide on the funding struggles that many small businesses around the country face.” 🌟 Key Highlights: £150m Community ENABLE Funding Initiative:  Backed by the British Business Bank, this programme aims to catalyse up to £150m of lending over the next two years, helping CDFIs provide much-needed loans to small businesses across the UK. The programme is for loans to SMEs of more than £25,000 and will be delivered through accredited CDFIs. £4m Capacity-Building Programme:  Supported by JPMorganChase, this initiative will strengthen CDFIs’ operations, enhancing their ability to deploy small business loans efficiently and scale their impact. 📈 These programmes will help CDFIs grow lending to businesses from £102 million in 2023 to £500 million annually by 2029, unlocking over £1 billion in additional finance for 15,000 small businesses in the UK’s most disadvantaged areas. CDFIs already make a huge difference to SMEs, with 98% of their loans supporting businesses outside London and under-represented groups with 41% of loans to women-led and 24% to ethnic minority-led enterprises. We’re delighted to see this support for CDFIs to scale their impact even further by backing underserved businesses and stimulating economic growth across the UK. 😍 This is a momentous day for the CDFI sector. We're proud of all of our members’ impact and the incredible work they do in their communities that has gotten us to this point. 🔗 Read the full article here:  https://lnkd.in/euwFzhzQ 👉 Repost and help us share this exciting news. #SMELending #CDFIs #ResponsibleFinance

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✨ A Historic Day for CDFIs, but the Job’s Not Done ✨ Today’s announcement of these fantastic initiatives is a real milestone for the CDFI sector. The £150m Community ENABLE Funding Initiative and £4m Capacity-Building Programme are a huge step forward in supporting underserved businesses and recognising the vital role CDFIs play in driving inclusive economic growth. At Purple Shoots, we’re thrilled to see this progress. But we can’t help reflecting on the gap that still exists for many businesses—particularly those needing loans under £25,000. These are the sole traders, microbusinesses, and community-led enterprises that form the heart of our economy. Yet, they’re often overlooked. Last year, more than half (55.5%) of our borrowers had been turned away by other lenders, including the Start-Up Loan Scheme. We know that 28% of Start-Up Loan applicants are rejected outright. That leaves a significant number of entrepreneurs with nowhere to turn. This is where Purple Shoots steps in. But the truth is, as of today, we have 10 loans ready to go—loans that could change lives, create jobs, and spark growth in our communities. And yet, we simply don’t have the lending capital to meet the demand and disburse the loans. While we celebrate this incredible news for loans above £25,000, we also want to shine a light on the need for funding at the smaller end of the spectrum. Microbusinesses and sole traders are small businesses. They deserve the same opportunities to thrive. We’re committed to filling this gap, but we can’t do it alone. We need the backing of partners and funders who believe, as we do, that every business—no matter how small—deserves a chance. 💜 Let’s celebrate this momentous day while continuing to work for a system that truly works for everyone. #CDFIs #Microbusinesses #InclusiveFinance Responsible Finance #SocialInvestment #ImpactInvestment Fair4All Finance British Business Bank

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