Industry Thoughts

Amid continued economic uncertainty and an unexpected inflation rise to 3.9% in January, many UK residents are turning to borrowing to help manage their money and make ends meet. In fact, our research found that one in five UK adults – approximately 11 million people – now consider themselves financially vulnerable and at risk of harm due to their personal …

In the competitive landscape of alternative lending, trust is not merely an asset; it is a necessity. As consumers increasingly seek clarity and fairness, lenders must step up their game, creating a transparent environment where borrowers feel informed and secure in their decisions. The key to achieving this lies in the integration of effective decision systems that prioritise transparency, ultimately …

The Bankruptcy and Diligence (Scotland) Bill was passed by the Scottish Parliament on 6 June 2024. It is not yet known when it will come into force, but an important milestone has been passed. The Bill brings into force an important new measure in debt recovery in Scotland, namely the introduction of a Mental Health Moratorium. Separate regulations as to …

“Complaints! It’s easy, right?” As industry representatives, we often hear this. At its core, handling complaints is about addressing customer needs and restoring faith in the brand, epitomising ownership. However, to keep it “easy,” you need robust planning and implementation, which is anything but easy. Drawing from my experience, this article outlines a strategic framework to help you navigate the …

n the ever-evolving landscape of cyberspace, legal disputes can arise where the identity of the alleged wrongdoers are shrouded in anonymity. These disputes present unique challenges for the traditional legal frameworks, particularly determining accountability. A case that has explored this area further is Mooij -v- Persons Unknown. The judgment not only underscores the complexities of holding unidentifiable persons accountable but …

A year ago, my colleague Rob Oxley wrote in a CCTA Magazine article that “a one size fits all approach to consumer debt recovery isn’t effective” but accepted that “a fully tailored approach to each and every customer isn’t possible – or at least not without access to quality data.” In 2024, there’s no doubt that customer data is king. …

Credit is an emotive subject, especially when it is used by lower income households. When used in the wrong way, credit can lead to bad outcomes. It should not be a substitute for better wages and social security benefits. It can be harmful and lead to problem debt, court action and increased anxiety and misery. However, in our experience, credit …

Lantern discuss their Consumer Duty journey so far and reflect on the last twelve months. The thought process and actions taken regarding their Annual Report are also considered. HOW DID YOU FIND THE JOURNEY OVER THE LAST YEAR? Once we got our heads around the cross cutting rules, and mapped them to each of our business areas, processes and policies, …

The FCA’s focus on the content and quality of wind-down plans (WDPs) continues, most recently with the regulator creating a new webpage in March 2024 advising firms how to prepare effective WDPs. All firms are expected to have a WDP in place to enable a firm to cease its regulated activities with minimal adverse impact on its customers, counterparties and …

In the ever-evolving world of car finance, staying abreast of regulatory changes is not just advisable; it’s imperative. The FCA recently underscored this necessity by publishing an update on its efforts to curb misleading adverts and financial promotions. In 2023, the FCA’s diligent oversight led to over 10,000 financial adverts and promotions being withdrawn or amended — a significant increase …

The UK continues to grapple with economic challenges, including a cost-of-living squeeze compounded by various factors. While recent months have seen falling inflation figures, particularly in food prices, other pressures persist. Heightened energy and fuel costs, disruptions in global supply chains, and ongoing geopolitical tensions such as the war in Ukraine and the aftermath of Brexit continue to impact households …

Artificial Intelligence (AI) is transforming the collections sector by enhancing operational efficiency and customer interactions. AI can also be used to streamline processes like risk assessment and customer engagement, leading to better outcomes. It also supports agent development by automating repetitive tasks and complementing human expertise. Agents can leverage AI for real-time feedback and personalised training, continuously improving skills and …