CCTA View

Commenting on the decision by Provident Financial to close down their home-collected credit and Satsuma brands, Jason Wassell, Chief Executive of the CCTA said: “This news is shocking and yet not a surprise to those watching alternative lending. We have long been concerned that the current regulatory framework does not work for the market, or its customers. The result in …

We are now more than a year into the Covid-19 pandemic, and I think it is safe to say that none of us predicted the impact it would still be having on our lives. With lockdown easing in the UK, on the back of the vaccine rollout, we are all starting to think about making plans about how we move …

“We are particularly concerned about the changes surrounding the case fee announced in today’s publication. We do not believe any justification has been provided for a further rise in the case fee, following the increase introduced just last year. This has now increased by a third over the last two years. “Not only are the FOS bringing in an increase …

We held our first summit of 2021 this week for our members. It was great to have such good attendance from across all the different areas of the association’s membership. Though, we would prefer to be able to bring members together in a face-to-face environment, we must continue to meet virtually for at least the next few months. We want …

“It is no secret that we have long been concerned about the management of the Financial Ombudsman Service (FOS). Our most recent concerns have been about the organisation’s finances- both the funding model and runaway spending. “Just as important is that we tackle Claims Management Companies’ (CMCs) activities. Regulators have identified cases of fraudulent activity, the misrepresentation of individuals and …

At around lunchtime today Rishi Sunak will deliver his budget for the coming year. Arguably the biggest day of year for any Chancellor, this is a budget like never before as we will learn the true impact of the Covid-19 pandemic on the economy. There is a lot of speculation about tax rises, possible changes to Universal Credit and further …

In the last week, the Financial Conduct Authority (FCA) published its final guidance on the fair treatment of vulnerable customers. The treatment of vulnerable customers has been a key priority for the FCA, and it is an issue that has grown in prominence within financial services in recent years. The regulator views vulnerability as a spectrum of risk, with the …

A Missed opportunity “While we welcome some positives within the Review findings, such as recommendations to reform credit reporting and addressing the problems within the debt management market, this a missed opportunity to explore many of the issues facing the unsecured credit market.” “We had concerns from the outset about limited industry representation, and the review is weakest when it …

The Financial Ombudsman Service (FOS) has been consulting on its plans and budget for the coming year. As the consultation closes, we wanted to share our thoughts. We feel the proposals will place increasing pressure on lenders and create an environment in which borrowers do not receive the best outcomes. It is no secret that many firms in the non-bank …

Salary finance, or advance, schemes seem to have grown rapidly in recent times. These schemes allow employees to access their salary early on the grounds that this will enable them to better manage their finances. Major employers, along with many well-known hospitality brands, have signed up to a range of salary finance schemes and early access to pay continues to …

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 …