Industry Insights

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 …

In September 2023, the Financial Conduct Authority (FCA) published a consultation paper (“CP23/21”) entitled, “Consumer Credit – Product Sales Data Reporting”. WHAT? Under this consultation, the FCA “seeks views on our proposal to introduce three new Product Sales Data (PSD) returns into Chapter 16 of the Supervision manual (SUP 16).” It adds that the returns “will allow us to collect …

Motor insurers selling GAP policies will find the recent FCA study and publication particularly significant. In a letter to insurers, the FCA warned, more action was needed to guarantee positive consumer outcomes, especially considering new Consumer Duty. A reminder was sent by the FCA to all insurance companies outlining its expectations to ensure products offer fair value to their customers …

Motor finance lenders could be forgiven for feeling under the spotlight from the Financial Ombudsman Service, Claims Management Companies, claimant law firms and the Court. James Dipple-Johnstone, Deputy Chief Ombudsman, said at a conference that they had 9,000 motor commission complaints. There’s seemingly no sign of it slowing, so where are we at? THE OMBUDSMAN There are four key developments: …

When exploring how to maintain collection rate efficiency, businesses can be overwhelmed with challenges. For many, limited payment options, shifting consumer behaviour, and the economic impact on payment habits are prominent stumbling blocks. Let’s explore these difficulties and how Payment Solutions Providers (PSPs) can support businesses in improving collection rates and streamlining the payment journey. DATA When payments are unsuccessful, …

Automation has become an integral part of nearly every facet of our lives. One area where automation is making significant strides is in the realm of the Consumer Duty. Automating these responsibilities not only enhances the customer experience but also brings a multitude of benefits to businesses. AUTOMATION IS CHANGING THE CONSUMER DUTY LANDSCAPE The introduction of the Consumer Duty …

Artificial intelligence (AI) is set to shake up the car buying process. With AI at your side, get ready to increase sales and improve operational efficiencies across your business.   CHAMPION YOUR ONLINE OFFERING Marsh Finance spoke to three of our partners, who overwhelmingly agreed that customers now favour online car purchases versus in-store, with some purchasing a car without …

Navigating the dynamic consumer credit landscape requires more than just adequate information. It calls for in-depth insights into regulation and innovation, paired with a strong understanding of the consumer and their circumstances. THE REVOLUTION OF OPEN BANKING AND THE RISE OF CONSUMER-CENTRIC STRATEGIES Open Banking is pivotal in recent technological advancements, revolutionising lending by enhancing transparency, improving risk assessment, and …

After conducting vehicle provenance checks for the last twelve months, we found over 600,000 vehicles advertised on Auto Trader which already had a live finance agreement. Were your vehicles in that list? Are your assets protected? If your data isn’t on our database you are exposed to greater risk. Over a twelve month period we looked at private and trade …

Digitalisation of operations is not a black and white solution, and there will always be a need for human interaction which is crucial for businesses to manage debt and arrears conversations. However, automation of processes can reduce costs, and it can positively enrich the relationship you have with your customers and provide them with more confidence to have a meaningful …

Dealing with debt can be an overwhelming and stressful experience for many people. In December 2020, as we all know, the Financial Conduct Authority (FCA) proposed a new set of rules called the Consumer Duty, with the aim of bolstering consumer protection and promoting responsible practices in debt collection. The new Consumer Duty purpose was created to reshape the relationship …

Financial services institutions, like many other businesses outside of the sector, continue to rely on cloud-based solutions to drive efficiencies, streamline processes and improve customer experience. This is despite lingering cybersecurity and data privacy concerns that are rooted in the resilience of such tools (and potential consequences if they were to fail). This risk inherent in swathes of individual’s data …