CCTA View

Over the weekend, an article published by the This is Money website gave a refreshing insight into the provision of home credit. The home credit industry is frequently maligned in the press and by consumer activists but this particular article highlighted how there are approximately 10 million people in this country who cannot borrow from mainstream banks or building societies. …

The great and the good of business and politics have congregated today at the British Chambers of Commerce annual conference. Adam Marshall, director-general, gave a pointed and remarkable opening address as he accused politicians of “letting British business down.” He told the conference: “We are frustrated. We are angry. You have let British business down. You have focused on soundbites, …

Yesterday, I had the pleasure of addressing many MPs, political figures, the FCA and industry colleagues at the Credit Week Parliamentary Reception. As Chief Executive of the CCTA, representing over 200 businesses, including lenders, brokers, debt purchasers and suppliers to the industry, my message was about the proportionality of credit regulation. The regulator has a balance to strike between maintaining …

Credit Week 2019: Parliamentary Reception Date: 19 March 2019 Venue: Houses of Parliament Time: 12.15 to 3.00 p.m. Good afternoon, it’s a pleasure to be here celebrating Credit Week with you. I would like to thank Credit Strategy for organising, and our parliamentary hosts for welcoming us to the Houses of Parliament. I’m Greg Stevens the Chief Executive of the …

An “alarming” number of cash-strapped families are being forced to borrow from illegal loan sharks or friends and family, MPs will be told this week. Greg Stevens, who runs the Consumer Credit Trade Association, is expected to accuse the Government of “trying to feed the five thousand with a cheese sandwich” after it introduced an “insufficient” no-interest scheme for those …

The CCTA held a briefing this morning for personal finance journalists and bloggers ranging from the Daily Telegraph to the influential consumer site, DebtCamel. We wanted to talk about what we see as a looming ‘crisis of access’ to credit for those consumers on lower-incomes with the least choices, but also the mass market of credit consumers who we have …

The last few weeks have seen an unprecedented number of press releases from the Financial Conduct Authority regarding the consumer credit industry. The regulator has good intentions like any worthwhile organisation but its current cosseting approach does the consumer a disservice and is consequently narrowing their availability to responsible, regulated credit. In August 2018, Sky News reported on my concerns …

The squeeze on people’s disposable income is growing ever tighter as the need for financial smoothing devices for many of the UK’s workers grows ever more important. New research from Gettasub has found that one third of workers (32 per cent) are actively considering taking a second job in order to stay afloat. In the last month alone, over one …

Today’s announcement by the 1922 Committee has meant we now have another round of madness as Conservative MP’s go for a Leadership Election, at the same time as the Prime Minister cavorts around Europe attempting to give CPR to a corpse. Nero is fiddling even faster as Rome burns. The real danger is that she wins with a majority in …

David Smith, wrote an insightful piece in The Times this week (Nov 27th) on why leaving the EU will be costly, but what is the price of remaining?   David, who spoke at our annual CCTA conference earlier this month, describes how the endgame of the first phase of Brexit is proving “even messier than feared.” Theresa May, by trying …

On 22nd November, the Financial Conduct Authority proposed to introduce a price cap on the rent-to-own (RTO) sector. This will come into force on 1st April 2019, subject to consultation.  Under the proposed cap, credit charges cannot be more than the cost of the product and RTO firms will also need to benchmark the cost of products against the prices charged …

We are pleased to note that the Financial Conduct Authority (FCA) has informed Provident Financial plc that its Home Credit and Satsuma businesses have been fully authorised. In a statement published on the firm’s website, Malcolm Le May, Chief Executive Officer of Provident Financial plc said: “This is excellent news for our customers and testament to the improvements achieved in …