Industry Thoughts

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 …

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 …