Industry Insights

In the dynamic landscape of lending, the fusion of technology and financial services is reshaping traditional practices, ushering in an era of digital lending. Historically, the lending sector in the UK has been dominated by traditional financial institutions, however, with the advent of advanced technologies, the industry is experiencing a profound transformation. Today, lending encompasses various categories and forms, ranging …

In the face of escalating living costs, it’s imperative for firms to extend support to customers grappling with financial challenges. The Financial Conduct Authority (FCA) has been proactive in implementing interventions post-pandemic to strengthen frameworks for customer support, aligning with Consumer Duty. Our white paper delves into these dynamics, aiming to aid firms in navigating the complexities of customer collections …

As we continue to navigate the cost of living crisis, credit markets are seeing an ever growing number of vulnerable consumers. This is against a backdrop of the FCA’s Consumer Duty obligations, ensuring good and fair consumer outcomes. As an industry, we recognise that addressing consumer vulnerability is more than a regulatory requirement, it’s crucial for the health of both …

In the collection landscape, innovative solutions are continually reshaping the way payments are processed and managed. With the emergence of technologies like Apple Pay Recurring, Open Banking payments, and Direct Debit, Debt Collection Agencies and lenders are streamlining processes and enhancing user experiences like never before. APPLE PAY RECURRING Apple Pay Recurring is just one of the ways borrowers are …

The industry has become increasingly busy with a range of regulatory issues, which I will touch upon later in this article. To begin with though, I would should start by thanking our members for their continued support. MEMBERSHIP RENEWALS Many firms renew their CCTA membership in January. Indeed, about 35% of our fees are due at the start of the …

Access to affordable credit allows people to manage their money and helps them cope in tough times. It requires a well-functioning market where customers are treated fairly, supported if they get into financial difficulty and are equipped with the information they need to make good decisions. Ensuring the regulatory framework supports these objectives is key for the FCA. REVIEW OF …

Some of you will recall that, almost a year ago, we carried out a member survey to see how we could further improve our services as your trade association. Over 80% of respondents wanted the CCTA to enhance our learning and development offering. That has led to the launch of the CCTA Academy. As many of you will be aware, …

Undoubtedly, the Financial Conduct Authority (FCA) is taking the cost of living very seriously. To a certain extent, this is a continuation of a project that emerged from the COVID-19 pandemic. While there has been some good news around the fall in inflation and wage growth, a group of families will find themselves in a difficult position. The cost of …

At the Financial Ombudsman Service, we’ve been working hard to deliver faster results for complainants and firms without compromising on the quality of our decisions. We are building the service that our customers need and rightly expect, with the flexibility and capacity to deal with the changing landscape in financial services and beyond. Comparing the first half of 2023-24 to …

Everyone knows the saying “a week is a long time in politics” so a year could be considered an eternity. However, I did want to talk about the next twelve months as we head towards the general election and a possible change in government. I think it’s fair to say that the last few years have shown anything is possible …

The need to tackle fraud remains critical. As UK Finance reports that consumers have lost over half a billion pounds to fraud in the first half of 2023, it has never been more important to stop criminals in their tracks – at the earliest opportunity. While doorstepping residents remains a favoured tactic for opportunistic criminals, the face of modern fraud …

The Financial conduct Authority (FCA) has a pivotal role when it comes to the granting of consumer credit to individuals. Principally it is an organisation which regulates lenders, their agreements and everything to do with credit. Its tentacles are spread far and wide. But first and foremost its regulations focus on the protection of the hapless “customer”, or individuals, to …