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FCA urges Firms to Improve Treatment of Vulnerable Customers

The FCA has recently launched a consultation on proposed guidance for financial service firms on the fair treatment of vulnerable customers. This proposal aims to ensure that the vulnerable consumer is consistently treated fairly across financial services sectors. The FCA have stated that firms will need to think about what guidance means for their business and customers and how they are understanding and addressing the needs of Vulnerable customers.

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Darwin AllenComment
An on-going debt problem can always have a swift solution!

For the last eight years, GDP Equity Experts have met hundreds of people who have found themselves in large amounts of debt. A level of debt that they will unfortunately never be able to pay off in full and largely down to the property crash of almost ten years ago. 

It is quite incredible that there continues to be thousands of people from right across Ireland and the UK who have yet to deal with this issue. 

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Darwin AllenComment
AIB to sell further €3.5bn of non-performing loans to Cerberus

Cerberus, the US Private Equity Firm at the centre of a controversy over its Irish dealings, has now closed a new deal with AIB for €3.5 billion worth of non-performing loans. This will have major repercussions for borrowers in both Northern Ireland and the Republic of Ireland.

These loans are secured on commercial, residential and development projects that are deeply distressed and which have been deemed by AIB to have extremely low levels of engagement from the debtors involved.

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Darwin AllenComment
Startling News on Interest-only Mortgages and end of term!

By January 2024, approximately 250,000 borrowers will have reached the repayment date for their interest-only mortgage. Most have no plans in place to deal with this problem and will struggle to find a new deal elsewhere, according to research by Kensington Mortgages.

That number equates to about 15% of the 1.7 million British borrowers who currently have an interest-only mortgage. Many have no plans or ideas on how to deal with this major issue.

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Darwin AllenComment
A Bleak Brexit forecast for N.I Households & beyond. Are you prepared?

Recent analysis figures have suggested that the onset of Brexit could intensify the serious problems already faced by the N.I economy and other regions such as the North East and North West of England.

It has been forecast that the economic gaps will only continue to widen in these regions, which subsequently could have a serious impact on already financially vulnerable households. These economies are already struggling with average earnings currently 6% below the national average therefore the onset of Brexit will only serve to weaken these economies further. 

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Darwin AllenComment