Industry Insights

Credit is an emotive subject, especially when it is used by lower income households. When used in the wrong way, credit can lead to bad outcomes. It should not be a substitute for better wages and social security benefits. It can be harmful and lead to problem debt, court action and increased anxiety and misery. However, in our experience, credit …

Lantern discuss their Consumer Duty journey so far and reflect on the last twelve months. The thought process and actions taken regarding their Annual Report are also considered. HOW DID YOU FIND THE JOURNEY OVER THE LAST YEAR? Once we got our heads around the cross cutting rules, and mapped them to each of our business areas, processes and policies, …

The FCA’s focus on the content and quality of wind-down plans (WDPs) continues, most recently with the regulator creating a new webpage in March 2024 advising firms how to prepare effective WDPs. All firms are expected to have a WDP in place to enable a firm to cease its regulated activities with minimal adverse impact on its customers, counterparties and …

In the ever-evolving world of car finance, staying abreast of regulatory changes is not just advisable; it’s imperative. The FCA recently underscored this necessity by publishing an update on its efforts to curb misleading adverts and financial promotions. In 2023, the FCA’s diligent oversight led to over 10,000 financial adverts and promotions being withdrawn or amended — a significant increase …

The UK continues to grapple with economic challenges, including a cost-of-living squeeze compounded by various factors. While recent months have seen falling inflation figures, particularly in food prices, other pressures persist. Heightened energy and fuel costs, disruptions in global supply chains, and ongoing geopolitical tensions such as the war in Ukraine and the aftermath of Brexit continue to impact households …

Artificial Intelligence (AI) is transforming the collections sector by enhancing operational efficiency and customer interactions. AI can also be used to streamline processes like risk assessment and customer engagement, leading to better outcomes. It also supports agent development by automating repetitive tasks and complementing human expertise. Agents can leverage AI for real-time feedback and personalised training, continuously improving skills and …

There can be no doubt that the Financial Conduct Authority (FCA) sees financial promotions as a potential high-risk area for consumer harm. They are the proverbial ‘front shop’: the way in which customers become aware of different ways to finance a product. The FCA is already starting to flex its muscles on financial promotions. Firms should therefore act now to …

TransUnion, a global information and insights company and one of the UK’s leading credit reference agencies, has announced its partnership with Andy’s Man Club, a charity that works to eliminate the stigma around mental health by creating a judgement-free confidential space where men can be open about their challenges. This is particularly important in the Northeast and Yorkshire and Humber …

Brandon Wallace, Product Manager at transaction data intelligence specialist Bud, explains why he believes forward-thinking lenders should use transaction data to improve outcomes throughout the lending lifecycle. Access to credit isn’t just about borrowing money – it’s about empowering people to manage their finances and navigate life’s ups and downs with confidence. In today’s regulatory landscape, ensuring that customers receive …

The last twelve months have been a busy period in the regulation of consumer credit. The FCA has continued to focus on affordable lending, customers in financial difficulty and more recently on the treatment of vulnerable customers. That, coupled with Consumer Duty implementation and embedding, including the production of the first Annual Board Report means there has been no let …

GENERAL ELECTION RESULT Labour won the recent General Election with a landslide victory. The party now has a majority in the House of Commons of 170, close to what Tony Blair achieved in 1997. However, they achieved a relatively modest share of the vote for a governing party. This coupled with low voter turnout, may undermine that majority in the …

As the dust settles on an eventful election campaign and newly appointed Ministers find their feet, it’s only right that we should ask what next for fraud policy under the new Labour Government. If the 2010s were something of a ‘lost decade for the counter-fraud community, then the 2020s were the rebounder with the publication of the UK’s first ever …