Industry Insights

It’s those two words again, isn’t it? Consumer Duty. Such innocuous sounding words, and ones that should feel like the natural thing to do for so many organisations and companies out there. But what do those words actually mean, and, crucially, how are they being interpreted? The premise is simple enough. There are three key elements; the Consumer Principle; Specific …

Earlier in the magazine we asked Lex Jones of the Registry Trust to talk a little more about the importance of the work that they do on county court judgments (CCJs). The CCTA is a strong supporter of their Get Satisfaction campaign to ensure that the judgments are kept up to date. When CCJs are satisfied it is important that …

The FCA’s new Consumer Duty is a vital aspect of the current regulatory regime. This is a significant regulatory intervention aimed at raising standards. The proposed new principle – ‘A firm must act to deliver good outcomes for retail customers’ and the associated cross-cutting rules represent a clear shift in approach and a significant raising of the bar across the …

In the last edition of our magazine, I spoke about some exciting plans to further develop our services as a trade association. This edition presents a good opportunity for me to update our members, both long-standing and those that have joined us recently, on those plans. In short, it has been a busy period for the CCTA team but our …

This year marks what could be a major revolution in UK consumer credit law, with HM Treasury (HMT) in June announcing planned reforms to the Consumer Credit Act (CCA). The CCA regulates all credit cards, personal loans and retail asset finance. The Government will move retained provisions in the CCA from statute to sit instead under the framework of the …

The Scottish Government’s ministerial forward to Scotland’s stage two diligence review cites a number of factors for its necessity including the pandemic and cost-of-living crisis. Those with problem debt, including those with mental health issues, need greater support. There are also helpful suggestions to make some of the current enforcement options more effective for creditors. Following the consultation, a stage …

Iain Campbell explains the unwelcome implications of a recent decision in the UK supreme court. INTRODUCTION A firm receives a claim from its customer, represented by solicitors. The claim seems justified. The firm decides to pay it. The solicitors tell the firm to send them the compensation. The firm sends the compensation directly to the customer. What happens next? This …

In its 2022 – 2025 strategy paper, the FCA stated that “by acting earlier and more assertively we will prevent harm and intervene before problems become systemic”. Consumer protection is at the heart of this and the FCA’s increasingly assertive supervisory approach is likely to put significant pressure on retail lenders and other firms operating in the consumer credit sector. …

The role of a marketing professional requires creativity and innovation. In fact, one of the sacred rules of brainstorming is that ‘no idea is a bad idea’. However, for those working in highly regulated industries this can often be far from the truth. For marketers in financial services, their priority must lie with ensuring they are clear and transparent with …

Lendology CIC, working with council partners, is a Social Enterprise Lender providing access to low-cost finance for homeowners who may typically be excluded from mainstream lenders. Their second annual Social Impact Report has been prepared to evidence how their lending translates into tangible improvements to individuals, communities, and councils across the UK. This report documents Lendology’s activities across 2021/22 and …

Martijn Groot, Collections Control Specialist at Aryza, discusses how technology can help credit managers in banks and other institutions to drive efficiency and improve performance management processes. With many consumers cutting back on everything but the essentials and businesses grappling with lower consumer spending, alongside rising costs, the number defaulting on their pre-agreed payment arrangement is only set to increase. …

Keeping in-line with customer trends is crucial when it comes to collections. When we understand how events, such as the cost-of- living crisis, will likely impact customers, we can prepare and adapt strategies to create better outcomes for all. This article shares a selection of customer trends we’ve uncovered and what to expect next. CHANGING WAYS OF CUSTOMER ENGAGEMENT The …