Some fairly significant news developments this last week, at least for the financial services industry.

First off there was the announcement that letters used for the collection of debt, now needed to be in clear English, signpost free debt advice, and not use capitals in the letters. The industry consensus, contrary to the impression from many news stories, was that this was a good thing and of course, there is also little to stop businesses from doing most of this today… indeed many do. However it will now be regulation for, so at a minimum will be another thing to monitor for compliance and control.

Next up, there was further concern on the performance of the BBLS scheme, with the release of a national audit office report. With around £40bn lent, with a priority on speed of distribution rather than control, fraud is expected to be an issue. Additionally, with weak onboarding and underwriting control, around 30%-75% are expected to default. Even at the lower range, this is a staggering number, and with the government picking up the tab the dynamics will be different… much more to hear on this I think.

Likewise I also some time reviewing the legislation for the new breathing space scheme this week too. There are some signficiant operational issues heading our way on this and many are working on this already… expect to hear a more on this soon too.

And… with COVID cases firmly on the rise again it looks like we will be nearly all in lockdown again… indeed some are already… economic clouds and uncertainty remain firmly on the horizon.

Other key stories this week

• UK’s internet use surges to record levels
• UK talks for longer during lockdown
• Nearly 75% of City firms reviewing office space provision
• Half of workers relying on credit since pandemic
• UK new car sales slide to lowest September level this century
• ‘My firm may fold because I can’t get a bouncebank loan’
• Covid: Nearly 500,000 redundancies planned since crisis began

Have a good weekend everyone… @chris_w_tweet

If I was to describe this last week it would be filed under the theme of digital treatment and preparedness.

It feels the world is now planning for a crash in October, with associated surge in delinquency volume… albeit with some views we may not see this peak until March.

Technology is being viewed as a key area to help with investments are being made and accelerated, which is resulting in pressures on delivery resource capacity too…. it is a busy time.

The economy is changing and with us clearly heading into a second wave of the pandemic there is still considerable uncertainty.

However the economic change now increasingly feels set… this is how things will be for the medium term and companies are adjusting and reacting to the new environment. It is all feeling more inevitable yet a change in slow motion.

And with a new lockdown almost upon us, you can also start to feel the impact on our collective mental health.

A collective sense of ‘oh not again’ and with the cancellation of half term holidays/halloween/bonfire night, I get the sense of ‘not much to look forward too until Christmas’ is starting to creep in… the sales have started already.

So as I sat there on Friday night, drink in hand, slouching on the sofa, with a packet of crisps, I stumbled on Joe Wicks’ lastest heartfelt message urging me to do the opposite and get active… it was good advice and well timed. So this is the resolution this weekend!

Key reads below… have a good weekend everyone… @chris_w_tweet

• • Almost half of staff at UK offices had returned before new advice
  • Number working from home in UK rises after government U-turn
  • Movers ‘more likely to buy than first-time buyers’
  • Government launches late payments consultation
  • FCA confirms support for consumer credit and overdraft customers
  • FCA issues post-Brexit guidance
  • Bank deputy governor warns against negative interest rates
  • A third of over-55s have felt vulnerable in financial decisions
  • More than a third of UK employers planning to make staff redundant
  • One in four consumers not confident about their finances
  • Consumer car finance market returns to growth in July
  • The house party returns – Booming house prices spell more trouble for the social contract
  • UK house prices rise at fastest rate since 2016, says Nationwide
  • The three pillars – Why, despite the coronavirus pandemic, house prices continue to rise
  • Mortgage approvals rise to highest level since 2007 but first-time buyers struggle to get on property ladder
  • TSB to close 164 high street branches and cut 900 jobs
  • B&M discount chain to open up to 45 stores
  • Extra facility opened for planes grounded by Covid-19
  • Will Covid-19 spell the end for cash?
  • Open banking product usage surges in UK
  • Brexit: EU starts legal action against UK over Brexit deal