Chief Executive newsletter - June 2024

This month we marked Social Mobility Day and Volunteers Week as well as sharing key figures from our Card Spending Update and Household Finance Review publications.

Colleagues shared their experiences of mentoring and being a part of our voluntary Social Committee during Volunteers Week and Julie Carruthers, Managing Director, Membership & Strategic Partnerships, shared insight to the work she has been doing as a senior leader to support women from different socioeconomic backgrounds, all as part of Social Mobility Day awareness.  

Supporting consumers and businesses  

We published our most recent card spending update which highlighted the monthly value and volume of transactions across debit and credit cards, both in the UK, and of UK-issued cards across the world.  

On 3 June we launched a further wave of our Reach Out campaign highlighting the support available from mortgage lenders for those worried about their mortgage repayments. This activity supplements our members’ proactive work to offer help and support to their customers, including the solutions contained in the Mortgage Charter. The Reach Out campaign has featured nationally across commercial radio stations, on buses, trains and on London underground stations. We have also run targeted advertising on YouTube and updated our toolkit 

Delivering a high growth economy 

This month we released our Household Finance Review for Q1 2024, highlighting that, despite enduring cost of living pressures, some households are now in a better place financially. Our Director of Economic Insight and Research, Lee Hopley, was interviewed about the data on BBC Radio 4’s the Today Programme. You can listen to the interview on BBC Sounds (with the clip starting at 06:15). The Telegraph, the Daily Mail, the Independent, the Daily Mirror and more also published stories covering the review.  

Keeping the financial system safe 

On behalf of our members, we submitted a response to HMT’s Money Laundering Regulations (MLR) consultation on ‘Improving the effectiveness of the Money Laundering Regulations’. Our response focuses on the need of a risk-based approach to ensure resources can be directed towards highest-priority threats, with an end goal of clear, proportionate, and strengthened regulations that will drive down economic crime.  

In Sanctions work, we continued to engage with international partners, including  Gibraltar, Jersey, Australia, Canada, Republic of Korea, the European Commission and the US. These engagements allowed us to impress the benefits of alignment.  

On Fraud, our work to support industry in its focussed preparation for the new PSR reimbursement rules continues with two further consultation responses, industry workshops with key stakeholders and our Authorized Push Payment (APP) webinars.

Transitioning to Net Zero   

In June, we took part in the annual London Climate Action Week, hosting an event with the Rocky Mountain Institute (RMI) in the Guildhall with speakers from the Transition Finance Market Review and member firms. Celebrating and reflecting on a one-year partnership with the RMI, we heard from our members and others about challenges, opportunities and new developments in transition finance. We also promoted the launch of our new report: Unlocking the SME Net Zero Transition, online and through engagement within the sustainability community.  

Enabling digital innovation 

Following our Automation Strategies in Banking webinar, sponsored by Thomson Reuters® Confirmation, we shared a blog post explaining the key challenges and opportunities of automation in banking.  

Last week we brought together industry and policymakers for our ‘Accelerated Settlement in the UK’ conference. Participants heard from a range of domestic and international speakers, who shared insights and perspectives on a future UK transition to T+1 settlement. We were joined virtually by U.S. Securities and Exchange Commission Chair Gary Gensler, who shared his reflections following the US' transition to a T+1 settlement cycle. Key takeaways from the event can be found on our website.

Upcoming events   

The Scotland Mortgage Lunch will be hosted on 31 October. We have listened to your feedback and this year's event will be lunch rather than dinner. The event offers Scotland’s mortgage industry a unique opportunity to engage, network, and develop new relationships in a relaxed setting.

12 December – Economic Crime Congress  

With the general election coming up in July, we’ve decided that postponing June’s Economic Crime Congress is the right thing to do, so that all our key stakeholders, from government agencies, law enforcement and regulators, can contribute and discuss the post-election landscape. The new date for the event is Thursday 12 December at the Business Design Centre in London.  

Whether you are an aspiring Board member or already on a Board, The Effective Board Development Programme is a practical, interactive, online workshop to help equip attendees with the necessary tools and techniques to excel in their role. Register now to acquire the personal soft skills needed for effective governance and explore the changing corporate landscape.  

Further information on all networking events, conferences, and training opportunities can be found on our website.   

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