Industry Insights

Dear Chief Technology Officer, Did you see what I did there? Have I got your attention? This is not a letter from a regulator, but it is a call to arms and, perhaps, offers regulation of a different kind. Some Chief Technology Officers (CTOs) reading this may truly feel they work in innovative industries. After all, the CCTA has a …

Hello to all our members and associates. I hope you are enjoying the latest edition of CCTA Magazine. As many of you will know, I am the new Head of Policy and Advice at the CCTA. I had the pleasure of meeting many of our members and associates for the first time during our annual conference in Liverpool in April. …

This winter will be hard. We can say that with certainty. Rising costs will impact everyone. The ‘middle classes’ may have some disposable income, and perhaps some savings. However, those already financially vulnerable will really struggle. Some will turn to credit, but will credit be there? THE (RATHER LIMITED) GOOD NEWS Data suggests average pay rises in the last year …

Increasingly members will have heard more about the importance of thinking about ESG – Environment, Social, and Governance issues. The CCTA was delighted to take part in Credit Strategy’s recent Car Finance Conference and to meet some of our members. I was asked to join some of the panel sessions and the debates. One of which was the discussion about …

Today, most financial organisations have a robust complaint management process in place, but will this be enough for tomorrow? The past couple of years in particular have resulted in not only a rise in complaint numbers but an increase in customer expectations too, creating a perfect storm of complaints for financial services organisations to manage. As well, the complaints we’re …

Litigation is expensive for everyone involved. It’s unsurprising, then, that the Civil Procedure Rules (CPR), which underpin litigation in England and Wales, contain extensive provisions encouraging and facilitating settlement, both before and after proceedings are issued. One such provision is the unique and self-contained settlement procedure contained in CPR Part 36. Settlement offers made pursuant to this part are, inventively, …

Use of cloud technology in streamlining processes and enhancing the customer journey in the sale and maintenance of financial services products offers businesses obvious benefits, with the Bank of England (BoE) stating that “using the cloud allows businesses to work in a more agile way…from file sharing to managing fraud”. However, a changing regulatory compliance landscape, as well as cybersecurity …

This series looks at the enforcement options available to creditors to recover sums due by a debtor in Scotland. In a previous edition we looked at Inhibition which is similar to a Charging Order in England. In this edition, we now turn to look at how Earnings Arrestment operates in Scotland. Earnings Arrestment in Scotland is a form of diligence …

ANALYSIS OF A RECENT CASE BROUGHT ON THE BASIS OF ‘UNFAIR RELATIONSHIP’ Liverpool, the location of the 2022 CCTA conference, is also the backdrop for a recent decision on the boundary between regulated and exempt agreements, and on the ‘unfair relationship’ question. A couple (since divorced) wanted to borrow £250,000, secured by a second charge over their home, with interest …

MORNING SESSIONS We held our first conference since before the pandemic, on the 27th April in Liverpool. Here we pick up on some of the themes and discussions from the speeches and panel sessions that made up the agenda. After our Chief Executive Jason Wassell opened the conference, we began our first panel session, A mile in their shoes: understanding …

For UK consumers, the current economic climate continues to create challenges. As the cost of living increase continues to intensify, many are concerned that they will no longer be able to keep up with their regular monthly outgoings. In fact, the Office for Budget Responsibility, predicted that UK household real income in 2022 would contract at the sharpest rate since …

A ‘Dear CEO’ letter is fast becoming the choice instrument of communicating with regulated firms. Such letters serve to focus the attention of a firms’ CEO and accountable senior managers on crucial issues for the FCA. On this occasion, the FCA issued a Dear CEO letter on 6th May 2022 to consumer credit firms demanding immediate action to ensure firms’ …