This is in response to the fact that when refused mainstream credit, many turn to borrowing from friends and family, overdrafts or unregulated lenders. These options can increase financial pressure, while doing little to improve people’s ability to access affordable credit in the future.

In 2024, Monzo expanded its flagship Flex credit card, introducing Flex Build, designed for people with a low or limited credit score. Together with Fair4All Finance, Monzo is piloting a new version of Flex Build, with a one-time deposit that unlocks a small credit limit of up to £250. This provides a vital entry point for customers who otherwise struggle to access credit.

This partnership enables Monzo to scale the pilot to reach thousands more people that struggle to access mainstream credit and gather the insights needed to learn how to sustainably serve this group of customers. Fair4All Finance is providing a partial lending guarantee of up to £7 million, sharing the risk with Monzo of lending to customers with limited or low credit scores.

Monzo and Fair4All Finance will share their findings with policymakers, regulators and the wider industry to inform the development of more inclusive lending products across the market.

Kate Pender, CEO, Fair4All Finance:

“The launch of this pilot is an important moment for financial inclusion in the UK as Fair4All Finance and Monzo work together to improve access to affordable credit for those who are often shut out. By partnering with Monzo we are able to scale up a product with the potential of serving thousands more people, backed by a robust guarantee structure.

“This is the first step in delivering on the Government’s ambition to improve financial inclusion in the UK with the roll out of a large-scale partnership with a mainstream bank and we look forward to working with Monzo on this.

“We also look to the evidence from the United States where six of the eight largest banks deliver an equivalent product at scale, and we encourage the rest of the UK banking sector to come forward and work with us to deliver new products and solutions to improve access to credit through small sum lending.”

Luke Enock, General Manager of Borrowing, at Monzo:

“Our mission is to make money work for everyone, which means breaking down the barriers to financial progress. Too many people can’t access affordable credit, leaving them unable to manage essential costs or build the repayment history needed for future borrowing. With Flex Build, we’re introducing a new kind of credit product that helps people build a credit history and progress to mainstream options over time. By partnering with Fair4All Finance, we’re reaching thousands more excluded customers, taking a vital step towards a more inclusive credit system in the UK.”

Rachel Blake MP, Economic Secretary to the Treasury:

“Improving access to responsible credit is a central part of the Government’s Financial Inclusion Strategy and this pilot marks strong early progress in delivering on that ambition. Monzo’s participation is an important step forward, helping to test what role mainstream lenders can play in supporting currently under-served consumers to manage unexpected costs and build financial resilience. I welcome Monzo’s leadership in this space, alongside Fair4All Finance’s work to test practical solutions that can be scaled over time.”

Read more here.

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Financial Ombudsman Service’s (FOS) new complaint form is now live for all consumers who submit a complaint via its website.

The new form is designed to make the FOS complaints service accessible and easy to use and was developed in consultation with stakeholders.

FOS stopped accepting new complaints via email on 8 June 2026 and is now directing consumers to use the online complaint form instead. Consumers will still be able to submit a complaint over the phone should they wish to do so and via email in certain exceptions.

Those supporting consumers to make a complaint should direct them to the form via the FOS website.

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The report examined how Ofcom, Ofwat and Ofgem support consumers in vulnerable circumstances and whether people can access the help they need from providers of essential services.

The watchdog found there has been a marked increase in household energy debt, following Russia’s invasion of Ukraine, with energy debt more than double what it was in 2021, rising by 118%.²

Since the NAO’s last report on this topic in 2019, regulators have strengthened protections, introducing new rules on how companies treat customers and taking enforcement action, for example changing company licences to improve customer service and issuing multi-million-pound fines to providers where service and performance fall short of expectations. Now, NAO finds the regulators must now make changes to keep pace with consumer needs.

The NAO found only a third of eligible broadband customers and 39% of water customers who are struggling to pay their bills are aware of social tariffs, meaning people on low incomes and in vulnerable circumstances could be missing out on support to help manage debt. Energy customers on repayment plans owe around £1,000 less than those without one in place.

Ofwat and Ofgem have overseen an uptake in registration for company priority services registers (PSR), although consumer awareness remains low. The PSR does not extend to the broadband sector, which has separate requirements. Ofcom does not routinely monitor take up or awareness of support.

The NAO found regulators are not aligning their performance measurements with actual consumer experiences and outcomes.

The NAO recommends that regulators:

• Improve access to support – to make it easier for people to contact providers through a range of accessible channels that meet the diversity of consumer needs.
• Increase awareness of available help – such as social tariffs, repayment plans and other support schemes, so eligible consumers are clearly signposted and not missing out.
• Tackle industry drivers of rising debt – including addressing industry practices such as inaccurate billing, delays when people move home and barriers that prevent consumers from switching tariffs. The NAO found that industry practices account for an estimated 35% of customer energy debt.
• Strengthen support for consumers in vulnerable circumstances – promoting services that are designed around need, improving how consumers are identified and supported, and making better use of data and data-sharing across sectors

Gareth Davies, Head of the NAO, said:

“Regulators have made progress to support consumers, but they’re not keeping up with the pressure now facing millions of households.

“With debt rising sharply, it’s more important than ever to make regulation work so that people know what support is available and can contact essential providers when they need to.”

Read more here.

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ECB found no evidence of widespread or systemic overcharging, but did identify inconsistencies in firms approaches, including:

• how cases are identified and linked
• whether cases should be linked across different creditors
• when enforcement fees are triggered
• how and when sale fees are applied

As a result of this, ECA acknowledges that new Standards are needed to ensure everyone going through the enforcement process is treated fairly and will consult on the new Standards later this year, for implementation in 2027.

Chris Nichols, Chief Executive of the Enforcement Conduct Board, said:

“It is reassuring that we have not identified widespread or systemic overcharging, but inconsistencies in how the rules are applied are leading to unfair outcomes for some. People in similar circumstances should not face materially different fees depending on who is enforcing the debt, or in which part of the country.

“We have seen positive engagement from firms and a willingness to improve, which we welcome. But it is clear that new Standards are needed to remove ambiguity and ensure that fees are applied consistently across the sector.

“We will be consulting on proposals later this year and look forward to working with stakeholders to deliver a fairer system for those experiencing enforcement and a more level playing field for firms.”

Read the full review here.

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By comparison, less than half (37 per cent) of over-those over 55 expect to gamble more.

Nationwide, commissioned the poll of 2,000 UK gamblers to better understand the impact of major sporting events on gambling habits, with young people found to be particularly vulnerable.

The findings reveal that harm is already being felt – nearly one in five 18–24-year-olds (18%) say they gamble because they feel “addicted” – around nine times the rate among over-55s (2%), while one in four (25%) gamble to make more money to pay essential bills, compared with just seven per cent of over-55s.

In total, 77 per cent of 18-24 year-olds said gambling has had some negative impact on their life, against 20 per cent of over-55s. One in five (20%) felt guilty or ashamed after gambling, 16 per cent felt stressed or anxious, and 13 per cent had spent money on gambling that was meant for essential bills or living costs.

The gambling gender split:

The research also shows how men in general are driving the betting surge, with over three-quarters (76%) set to gamble more frequently in 2026, compared with six in ten (60%) women. Among those planning to bet more, nearly six in ten (59%) respondents makes the World Cup the biggest draw when considering major sporting events, well ahead of the Champions League (34%) and Royal Ascot (20%).

London leads, Yorkshire resists:

When looking at gambling habits across the UK, the figures reveal a regional divide. London leads with 80 per cent of London gamblers expecting to bet more frequently in 2026 due to major sporting events, followed by the West Midlands (79%) and the North West (74%). Yorkshire and the Humber records the lowest figure at 59 per cent (see regional breakdown in Notes to Editors).

Support available:

Encouragingly, 92 per cent of 18-24s know that most banks and building societies offer gambling blocks to help control spend. The research revealed three-quarters (74%) have previously used a block, compared to just 22 per cent of over-55s. Of the 18-24 year-olds who have used a gambling block, 59 per cent said it prevented them from gambling further. Nationwide’s gambling block includes a deliberate 72-hour cooling-off period once the block is applied, before gambling transactions can take place.

Kathryn Townsend, Head of Customer Vulnerability for Nationwide, said:

“Major sporting events bring people together and we know most will enjoy the World Cup responsibly – but our research shows a clear generational divide, with nearly one in five young gamblers describing themselves as addicted and a quarter of this group saying they’re gambling to help pay essential bills – which is of concern. No one should feel they have to face gambling harm alone. At Nationwide we urge customers to get in touch with us, help is available, without judgement, whenever they need it.”

Raminta Diliso, Senior Partnerships Manager for GamCare, said:

“Sporting events like the World Cup often see a spike in betting activity and we know the challenges it presents for those experiencing gambling harm. We’re particularly concerned about young adults who may be at-risk this summer, with more games and overnight fixtures offering more opportunities to gamble. We urge anyone struggling with gambling to make use of bank gambling blocks, such as Nationwide’s, and contact the National Gambling Helpline on 0808 8020 133 for free support.”

Read more here.

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Creating a unified system across energy, water, and telecommunications will ensure that no one falls through the gaps during a power cut, a water shortage, or the upcoming digital voice switchover.

Key Insights from the Report:

• Widespread Public Support: 70% of consumers support a multi-sector approach, with support even higher among those already registered for help.
• The Trust Mandate: 43% have concerns about how their data is used. The report outlines the necessity of independent oversight and a “Data Ombudsman.”
• A Focus on “Threat to Life”: Research shows consumers prioritise sharing data related to medical needs and communication barriers to ensure safety during emergencies.
• Inclusive Design: The report highlights why the telecommunications sector must be integrated into the PSR framework by 2027 to protect those reliant on landlines.

Recommendations:

Citizens Advice is calling on the Government and regulators (Ofgem, Ofwat, and Ofcom) to:

1. Mandate a Multi-Sector PSR by April 2028.
2. Standardize Support Needs so that vulnerability is defined and recorded the same way across all essential services.
3. Ensure Independent Governance to maintain consumer trust and data security.

Read the full report.

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It found that 24% of clients the charity helps have the resources to repay their way out of debt in a suitable timeframe, compared to 40% back in 2014 and there has been an 88% increase in average priority debt levels (rent, council tax, energy) for clients since 2014, rising from £2,300 to £4,300. 46% of Christians Against Poverty clients have told them that they considered ending their own life because of their debts, showing how dangerous unmanageable debt can be.

CAP Chief Executive, Stewart McCulloch, says: ​

“Debt is now far more challenging to repay. Living in spiralling debt is dangerous. It often results in families unable to afford healthy food, living in cold, damp unsafe properties and facing isolation, anxiety and depression.”

Find out more and download the full report here.

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3,000 social media posts containing financial guidance relevant to the UK were collected (1,000 from each platform). These posts were evaluated according to six criteria:

1. the content creator’s expertise
2. presence of relevant disclosures and disclaimers
3. financial and economic credibility of ideas
4. quality of explanation
5. discussion of downsides and/or alternatives
6. transparency of sources and calculations (where relevant)

Based on these criteria, a checklist of positive and negative features was used to assess the posts’ quality.

The research found that the quality of financial guidance on social media is generally low: the average social media post contains less than half of the positive features in each criterion. For example, only 8-9% of posts state the author’s relevant expertise (in the post or in their social media profile), and only 12-13% of posts include relevant disclosures or disclaimers. Evaluated against the six criteria, nearly 9 out of 10 social media posts have more negative features than positive features.

The analysis also highlighted that the quality of financial guidance varies by platform and by the content creator’s characteristics. On average, posts on YouTube contain more positive features than those on Instagram and TikTok. For example, more posts on YouTube state the author’s expertise (19.5%) compared to posts on Instagram (2.2%) or TikTok (3.9%). These results are not solely due to YouTube posts being longer: YouTube Shorts (15-60-second video clips) still contain more positive features than Instagram and TikTok posts despite being similar in format. Posts by content creators with more followers tend to have more positive features.

4,200 adults across the UK were surveyed, with a focus on low- and middle-income individuals (60% of the sample). 2 out of 5 respondents use social media as a source of financial guidance. These respondents chose social media for financial guidance primarily because they believe it provides relatable content, a wide range of information, and is easy to access.

1 out of 3 respondents (31%) tried financial guidance they found on social media (for example, by applying a tip or making a decision) in the last year. Among these respondents, 3% thought they experienced mostly negative outcomes, 27% thought they experienced mixed outcomes (some benefits and some harms), and 70% thought they experienced mostly positive outcomes. These self-reported outcomes depended on how well the guidance fit each respondent’s circumstances and how they applied the guidance.

Experiences with financial guidance on social media vary across population subgroups. Respondents who identified as female, used social media more frequently, or had higher knowledge of personal finance topics were more likely to report experiencing positive outcomes from following financial guidance.

Most respondents know the limitations of financial guidance on social media. The most common disadvantages they identified were potentially untrustworthy information, the lack of financial qualifications among people that post on social media, and bias. Almost all respondents (94%) verify the information they see on social media, though many (62%) use factchecking measures that are not robust (such as reading the post’s comments). Around half of respondents check the organisation or person who made the post (58%) or check if the same information appears in other websites or reputable sources (49%).

Almost all respondents (96%) have encountered low quality or misleading financial guidance on social media, and most (84%) took action, which included blocking the post or reporting it to the social media platform. 9 out of 10 respondents are shown financial guidance on social media when they are not intentionally searching for this content. 2 out of 3 respondents think this “accidental” guidance is mostly or completely irrelevant.

Recommended policy actions:

Over half of respondents (55%) were unaware there was a difference between “financial guidance” and “financial advice”, particularly in the extent to which they are legally protected. 4 out of 10 respondents were surprised that current regulations and legislation do not cover most types of financial guidance.

Around half of respondents think it is more of the authorities’ or the social media platforms’ responsibility to monitor and act against misleading financial guidance, rather than it being more of a personal responsibility.

Respondents thought the most effective measures to improve the quality of financial guidance on social media would be to:

1. Require content creators to disclose their qualifications/expertise/conflicts of interest,
2. Require content creators to put disclaimers on their posts,
3. Ask social media sites to put links to official trusted sources on all financial guidance posts

Download the full report.

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This research, believed to be the first focused insight into the problem in Scotland, studied the coerced debt, where an abusive current or ex-partner builds up debt in their victim’s name, either without consent or knowledge or through force, threat or coercion.

Dr Jenn Glinski, author of the report and the national policy lead for economic abuse at Scottish Women’s Aid, said:

“Coerced debt is trapping women and children in abuse across Scotland. This report makes clear that it is not a side issue but a central part of how perpetrators exert control.”

Key findings:

1.Coerced debt is a hidden but widespread form of economic abuse

The report shows that coerced debt is not rare or exceptional; it is a common and deliberate tactic of coercive control used by perpetrators to trap women financially, restrict their choices and undermine their ability to leave or rebuild their lives. Survivors consistently describe debt as something done to them through abuse, not something they chose or had any control over. Critically, there is no coherent, practical or impactful support currently available for women experiencing coerced debt.

2.Economic abuse disproportionately affects women and children

The findings reflect what Women’s Aid services see daily: women and children bear the long-term consequences of domestic abuse, particularly its economic impacts. Gendered inequalities such as lower and insecure incomes, caring responsibilities and engagement with public services mean that women are more likely to be left with debt, enforcement action and financial insecurity created by perpetrators.

3. Abuse and debt continue long after separation

The findings of the report challenge the assumption that the end of the relationship means the end of abuse. Survivors and advocacy workers described an array of post-separation economic abuse, where debt, joint finances, mortgages or rent, child related costs, and legal proceedings are used as tools to continue control. For many women, coerced debt becomes a lasting legacy of abuse that follows them for years.

4.Public debt is especially punitive and system-driven

Coerced debt linked to council tax, rent, energy and other public debts emerged as particularly damaging. Survivors face aggressive enforcement, legal action and barriers to housing for debts accrued through abuse. These impacts are not accidental but arise from systems that fail to recognise economic abuse and continue to treat survivors as liable and responsible.

5.Survivors are forced into impossible financial choices to survive

In the absence of effective support, women adopt financial survival strategies to manage coerced debt, such as relying on family, going without essentials, selling possessions, taking on further debt, returning to abusive partners or engaging in unsafe or exploitative work. These are responses to crises within systems that offer no safe alternatives.

6.Illegal money lending is used as a last-resort survival strategy

A small but significant number of survivors described being pushed towards illegal money lenders, often due to extreme financial pressure. This exposes survivors to further intimidation, fear and escalating debt, highlighting the intersection between domestic abuse, poverty and financial exploitation and the need for safe, practical and non-punitive routes to support.

7.Current systems compound harm rather than enable recovery

Across financial services, public bodies and statutory systems, survivors encounter fragmented, inconsistent and often re-traumatising responses. High evidentiary thresholds, repeated disclosures and a lack of understanding of economic abuse leave women carrying the burden of proof and the debt. System designs, such as being held ‘jointly and severally liable’ for coerced debt, only serve to exacerbate survivors’ financial insecurity and hardship. Therefore, rather than enabling recovery, existing systems often compound harm, leaving women and children carrying the long-term consequences of abuse with no meaningful route to resolution or justice.

8.Survivors want economic justice, not just crisis management

The report makes clear that what survivors need is not short-term fixes, but systemic change: understanding of economic abuse, recognition of coerced debt, survivor-centred debt relief, trauma informed public services, and accountability for perpetrators. Without this, women and children will continue to experience long term financial harm that undermines their safety and equality.

Recommendations

The report finds that current responses across financial, public and institutional services are inadequate. Survivors frequently face disbelief, victim-blaming and rigid systems that fail to recognise the abuse underlying the debt. It says that addressing coerced debt requires coordinated, cross-sector reform: trauma-informed frontline training, flexible debt relief, recognition of illegal money lending as coercion, and improved prevention and public awareness.

Read the full report here.

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It says that while banks and building societies are making positive progress by working together on inclusive solutions, significant barriers remain compounded by systemic issues.

A key root cause includes the ‘overhearing gap’ – the disadvantage faced by many deaf people who grow up without a shared language at home and worsened by the lack of consistent access to funded provision of BSL for families. With 90 per cent of deaf children born to hearing parents, everyday communication and incidental learning are often inaccessible from an early age.

ActionAble’s new Deaf Equity in Financial Services Report, published by ImpactMatch in partnership with deafPLUS, Signing Banks UK and Nationwide, combines industry insight with the lived experience of BSL users to show what is changing – and what must change next – to deliver deaf equity and help improve financial lives of deaf people.

The report highlights encouraging progress, with the Deaf Inclusion Industry Group (DIIG), founded from within the banking sector itself – growing from seven to 42 financial organisations – a 500 per cent increase since 2022 – and video interpretation services increasing by 30 per cent in that time. However, money management and debt outcomes remain unequal for many of the 18 million people in the UK who are deaf, have hearing loss or tinnitus², as hearing-centric systems and attitudes continue to disadvantage deaf people.

The report finds these challenges begin early, with only 34 per cent of deaf pupils achieving a Grade 5 in English and Maths in 2024, compared with 46 per cent of other pupils. It also shows that 60–70 per cent of deaf service users did not use, or were unaware of, accessibility services such as Video Relay – highlighting that access alone is not enough.

Rather than calling for the creation of isolated accessibility services alone, the report urges systemic change, including exploring the development of a Deaf Services Code of Practice – building on existing industry codes to support consistency, confidence and accountability across the sector. It also advocates BSL-first communications in high-risk areas, ‘Tell Us Once’ approaches, and embedding co-design with deaf users as standard practice.

Further findings:

• Only 18 per cent of financial institutions provide fraud and scam information in BSL.
• 76 per cent do not monitor fraud or scam risk specifically for BSL users.
• 79 per cent of moneyPLUS cases required third-party support to help with debt or budgeting.
• Communication barriers – particularly where English is not a customer’s first language – remain a key driver of poorer outcomes for some deaf BSL users.
• Embedding deaf lived experience into service design consistently leads to better outcomes for both customers and colleagues.

Kathryn Townsend, Founder and Chair of the Deaf Inclusion Industry Group – and Head of Customer Accessibility at Nationwide, said:

“This report shows the progress that’s possible when the sector listens to and works alongside the deaf community. But when inaccessibility and miscommunication still lead to exclusion and debt, it’s clear hearing-centred systems continue to fall short. Deaf equity means designing services with deaf customers, not around them. Nationwide is proud to be leading that shift through its actions on deaf inclusion and in working with others across the industry to accelerate progress towards deaf equity.”

Sara Weller CBE, Co-Founder of ActionAble, said:

“True disability inclusion is a growth strategy, not just a social obligation. With 25% of the UK identifying as disabled, ActionAble is working directly at board level to reframe this ‘Disability Dividend’ as a primary driver for innovation and market leadership. Leveraging the rigorous data analysis provided by ImpactMatch, we are proud to partner with Nationwide, the DIIG (Deaf Inclusion Industry Group), deafPLUS and Signing Banks UK to turn lived experience into actionable commercial intelligence. This report challenges leaders to see accessibility as the foundation of their ambition, and we are committed to sharing these insights with the C-suite to accelerate a more equitable industry growth strategy and future for everyone.”

Reg Cobb, CEO of deafPLUS:

“This report matters because it brings into focus something that is too often overlooked. For deaf British Sign Language (BSL) users, the challenges around money don’t begin when they try to access a service, they begin much earlier.”

Read the full report.

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