Industry Thoughts

“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 It is widely agreed that the existing regime is outdated, complex and restrictive for both lenders and consumers alike and reform is needed to bring in legislation that is forward thinking and in line with the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, …

t the end of last month, we passed our anniversary. We were formed in 1891 by a small group of retailers and lenders that saw the need for new regulated credit products. This was well before the Consumer Credit Act, so we were involved in the development of the regulation around Hire Purchase and similar regulations as we moved into …

THE COST OF LIVING CRISIS IS CHANGING THE FACE OF DEBT “Problem debt only affects people on low incomes”. That’s a misconception we hear at StepChange Debt Charity on a regular basis. But now more than ever, it’s just not the reality we see every day. The unprecedented squeeze on consumers caused by the cost of living crisis is changing …

From streamlined collections for lenders to increased financial control and tailored repayment options for borrowers, including open banking payments as part of a customer-centric collections strategy is paving the way for a more inclusive and secure lending ecosystem. But what are the practical applications of open banking in the credit collections process? The majority of individuals in the UK currently …

Designed to ensure higher and clearer standards for consumer protection, the new Consumer Duty regulation requires firms to take decisive action. Despite the initial consultation finding that many organisations were happy to embrace these changes, it was also acknowledged that extensive programmes of work would be required. In fact, the FCA identified thirty firms that needed to do more, with …

It’s been just over three months since the FCA published its report on borrowers in financial difficulty (BiFD) in November 2022. Prior to this report, in June 2022 the FCA published a Dear CEO letter on this very topic, telling more than 3,500 lenders how they expect them to support borrowers who may be struggling due to the rising cost …

Fuelled by the pandemic, the consumer finance and lending landscape has changed dramatically in recent years. The demands of today’s tech-literate population are higher than ever, and consumers expect a streamlined end-to-end payment experience. With Direct Debit often used as the default payment method, are lenders missing out on an opportunity to grow their customer base and increase conversion by …

Data On Demand take a look at the backdrop of the cost-of-living crisis focusing on the changing impact to consumers, what firms can do to help and what their own insights show. IMPACT ON CONSUMERS The challenges facing firms in 2023 on how best to support their customers will be no less challenging than the ones faced in 2022 which …