As the cost of living crisis continues with interest rates increasing to 5.25%. The focus is often on the impact to mortgage holders. But this analysis from the Joseph Rowntree Foundation (JRF) shows some worrying impacts for the lowest income households with 2.3M families needing to take on new lending to pay their rent or energy bills.
With Consumer Duty now in full affect the importance of ensuring good customer outcomes is paramount.
As a FCA authorised open banking provider and credit reference agency our affordability and credit risk solutions are ideally placed to help lenders manage their own consumer duty obligations.