Industry Insights

The music fan in me is tempted to say that the release of The Clash’s eponymous debut album was the best thing to happen in 1977. But putting my professional hat on, I must note another significant release that year: the Community Reinvestment Act, by the US Congress. A near half-century later, this federal law has inspired a new campaign …

The UK car finance industry faces several challenges impacting business performance and profitability. One of the biggest challenges is the increasing competition within the market. With a rising number of companies entering the market, it is becoming increasingly difficult for car finance intermediaries to stand out and attract customers. Another challenge is the rising cost of borrowing. Interest rates have …

You wouldn’t get married at first sight (unless of course you’re on the reality TV show of the same name), nor would you choose a builder to renovate your house, without first doing research. It’s important you knew about their background, their quality levels, their culture and moral compass – and that they are aligned with yours. They are all …

In the current economic climate, with all of its complexities, a ‘one size fits all’ approach to consumer debt recovery isn’t effective for businesses, their customers and clients. However, a fully tailored approach to each and every customer isn’t possible – or at least not without access to quality data. With the FCA’s Consumer Duty bringing a focus on enhancing …

The Bankruptcy and Diligence (Scotland) Bill introduces a number of measures which modify current diligence (judgment enforcement) measures, to either improve them or clarify some of their provisions. However, perhaps of greatest impact to the credit industry will be the introduction of a mental health moratorium on debt recovery action should an individual have a mental illness. The precise details …

In this article we provide an overview of co-manufacturing under Consumer Duty and some of the primary considerations for consumer credit firms. WHY IS IT IMPORTANT? Where parties are co-manufacturing a product within the scope of the Duty they are required by PRIN 2A to agree in writing between them how they will jointly discharge their obligations under the Duty …

Whether a breach of contract is ‘material’ (or ‘substantial’ – in this context, the terms are generally interchangeable) can be difficult to ascertain. But the answer can have a major impact on the consequences flowing from such a breach. The issue crops up often in commercial disputes. In this briefing, we explain how the approach adopted by the courts can …

“Modernise, modernise, modernise!” seems to be the Government agenda for reform of the Consumer Credit Act 1974 (CCA). It is widely agreed that the existing regime is outdated, complex and restrictive for both lenders and consumers alike and reform is needed to bring in legislation that is forward thinking and in line with the operation of today’s financial services market. …

The start of the year was a busy time for CCTA membership, as many of our members came up for renewal during the first few months. I want to thank all of those that have renewed, and also pick up on some ideas about how you can fully utilse your membership. Setting aside a few minutes to periodically carry out …

The summer parliamentary recess is a good moment to appraise where we are in national politics and consider what might be in store for CCTA members in the second half of the year. It has been a tumultuous six months for the Prime Minister. Following the calamitous Liz Truss interlude, Rishi Sunak delivered impressive early ‘wins’ that suggested his brand …

As many of you know, I am the Head of Policy and Advice at the CCTA and much of my role entails support and guidance for our members. The publication of our magazine gives me the opportunity to update you all on key developments, not only within my role but across the CCTA as your trade association. I have previously …

Some allege we, at GAIN Credit, are the biggest villains in the UK. We have, in Lending Stream, one of the biggest high-cost lending books in the country. At least once a month someone, maybe a politician, maybe a charity spokesperson, calls us ‘loan sharks’ and demands our immediate banishment from the lending ecosystem. I don’t accept that portrayal. Instead, …