CCTA View

Now into my first full week as I started my new role as Chief Executive at the CCTA, I have been taking the first few steps towards implementing the new strategy that we have agreed with the Council. Having been part of the alternative lending sector for a number of years, I can see common issues affecting many lenders and …

John Glen MP Economic Secretary to the Treasury HM Treasury 1 Horse Guards Road London, SW1A 2HQ Dear Economic Secretary CONSUMER CREDIT ACT – THE CASE FOR REFORM Our trade associations represent a wide range of specialist lending companies across the lending and leasing sector. Modernisation of the Consumer Credit Act (CCA) is urgently needed to simplify procedures to support …

The Association of Alternative Business Finance (AABF), the British Vehicle Rental & Leasing Association (BVRLA), Consumer Credit Trade Association (CCTA) and the Finance & Leasing Association (FLA) represent lenders and leasing companies across the UK. Modernisation of the Consumer Credit Act (CCA) is pressing to simplify procedures to support customers in financial difficulty and address other impediments to a forward-looking …

FCA Call for Input: Review into change and innovation in the unsecured credit market (The Woolard Review) CCTA welcomes the opportunity to comment on the review into change and innovation in the unsecured credit market. We are concerned that not enough focus has been given to the issue of consumer needs for financial smoothing products, especially with consumers in several …

For only a small handful of people has 2020 been a good year, Geoff Bezos and Joe Wicks spring to mind. For most other businesses and individuals, it has been lousy. The retail banks have had mixed blessings. On the one hand, they have taken a hit like everyone else, with a deteriorating economy, less personal and business lending and …

The below Financial Conduct Authority (FCA) announcement details that Chris Woolard the FCA Interim CEO, until the recent appointment of Nikhil Rathi as the new CEO, will chair a far-reaching review of the unsecured lending market that will have implications for many CCTA members. Woolard has been instrumental in guiding the harsh regulation that takes little notice of the size …

The latest employment figures from the Office of National Statistics published earlier this week, have reported an unexpected increase in the unemployment rate to 3.9% in the June-to-August period after the number of people in work fell by 56,000. The combined effects of a global slowdown, political uncertainty and Brexit have impacted high street retail jobs and the manufacturing sector …

10.5 million Britons are in the worst financial position of their lives New research commissioned by FairMoney.com has revealed that an astounding 10.5 million Britons are in the worst financial position of their lives. The research, entitled ‘Brexit Broke Me’ has also found that over half of Britons (53%) have disposable incomes of less than £0. This is a dire …

Any belief that the summer holidays and time away would ease the political logjam that is Brexit has floundered before Parliament returns on 3rd September, and with it any reasonable hope that constructive discussions could begin with Government Departments, on the business issues of the day. Suspending Parliament just days after MP’s return to the House, with only a few …

Written for, and published by Credit Strategy – JULY 2019 GO TO WEBSITE + Just when we thought the uncertain environment within which we operate could get no more opaque, we’re met with further changes from FOS and indeed, a question on the competence of the FCA. When the FCA’s Chief Executive Andrew Bailey and Chair, Charles Randell appeared in …

This week, the FCA published a report on the alternatives to high-cost credit (HCC) and set out the actions and recommendations to improve the availability and awareness of those seeking an alternative to HCC. The report also notes that ‘the consideration of access to alternatives to high cost credit will become an integral part of the FCA’s overall work in …

The Financial Conduct Authority (FCA) has come under the cosh of late and this showed no signs of abating on Tuesday when Chief Executive, Andrew Bailey and Chair, Charles Randall appeared in front of the Treasury Select Committee to present a biannual report on the work of the FCA. Chair, Nicky Morgan crushingly asked if “anyone at the FCA read …