Consumer duty will make business “more adaptive”

Speaking at the 2022 Credit Summit, headline sponsored by Equifax, he also said the regulator is looking to have consumer duty policies in place by the end of July. Additionally, it has been monitoring rules for long-term consumer debt, and is running a long-term programme to deal with this. 

Equifax has also committed to partnering with Credit Strategy on the Credit Summit for 2023. Jayadeep Nair, chief product and marketing officer at Equifax UK, said: “The Credit Summit is the pinnacle event for our industry, and we were extremely proud to be headline sponsor last year, this year and for 2023.

“The Credit Summit is a fantastic opportunity to connect across the industry, learn from each other, drive important conversations and showcase just how innovative we are.”

Also speaking at the summit was Santander’s Frances Haque, who shared an economic update with delegates. 

Among the areas she touched on was Russia’s invasion of Ukraine, which she said would have long-term implications on the cost of food and drink, and while she said wages have increased - they’re nowhere near the level of inflation. 

Haque also explained that interest rates are likely to keep rising. However, because the Bank of England’s Monetary Policy Committee is concerned about what hiking bank rates will do, she expects May will be the last time the hike will come in for a while - with the goal of making sure a wage growth spiral does not happen. 

To read more about content shared and debated at the Credit Summit, keep an eye out for the next issue of Credit Strategy magazine.