Industry Insights

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 …

The potential impact of the cost-of-living crisis has sent out shockwaves, maybe because we are all going to be really hit in the pocket, but have we been limping towards this for years? Have we been unwittingly making people’s situation worse while patting ourselves on the back for talking about vulnerable customers and achieving the right outcomes? There is no …

We are sure that by now you are knee deep into the final Consumer Duty and your brain is saturated with new terminology from manufacturers, distributors and Sludge Practices. So, what are Sludge Practices? The FCA defines them as: an excessive friction that hinders consumers from making decisions in their interests, by taking advantage of their behavioural biases. We will …

We have all talked a lot about the imminent rise in utility bills and the cost-of-living crisis that is happening all around us. We have referred to how we are helping existing customers in arrears, those who have sought advice from debt management companies or who are being managed by specialists like Lantern or Sonex to help identify their vulnerabilities …

Whether it is having that difficult conversation you have been dreading or visiting the dentist the first time you get a tooth ache, addressing a problem earlier tends to lead to a better outcome with most things in life. We feel better once we have just done it, and invariably the outcome is better than our worst fears. The same …

I’ve written quite a lot recently about the cost of living crisis and how it’s set to impact consumers in general. It was also a common theme running across all the great sessions at the recent CCTA event, so I thought I’d cover some of the work we’re doing at Lantern to help our three million plus customers. We’re not …