How does the PSD request sit with the FCA’s five-year strategy?

Published 28 May 2025

The Financial Conduct Authority (FCA) has boldly committed to smarter regulation, promising to reduce burdens on firms and improve its use of data. However, with new product sales data reporting now on the table for thousands of consumer credit firms, some are asking whether the FCA’s actions match its words. We think there is still time for change.

HM Treasury publishes action plan on regulation – aims to support growth

Published 18 March 2025

Yesterday, the Chancellor met top regulator bosses in Downing Street to discuss an action plan on regulation. The review aims to cut the administrative cost of regulation, make Britain the best place to do business and drive economic growth. We applaud the ambition and the speed at which the Government has been moving.

Call for Input on mass redress: An opportunity for change

Published 06 February 2025

Last week we submitted our response to the Call for Input on modernising the redress system. We took this as an opportunity to raise a couple of wider key topics that we were keen to include around the complaints process. One of these is dialogue with the industry around complaints, to improve outcomes for all concerned – firms, the Ombudsman, and ultimately, the consumer.

Regulatory horizon scanning

Published 29 January 2025

This roundtable looked forward at the key changes and developments expected for the industry over the next six months. We were joined by Rebecca Denham (Head of Consumer Credit Unit) and Georgia Morrison (Senior Policy Adviser) from HM Treasury, who talked about the government’s current agenda for consumer credit

The importance of smaller lenders

Published 23 January 2025

The news that Santander may leave the UK market has grabbed the headlines. There has been, and we are sure there will continue to be, a lot of discussion about the regulatory burden. The costs mentioned are significant, often more like telephone numbers. The risk is that we focus on those big numbers and the big brands. However, elsewhere, some lenders face burdens that are certainly smaller numbers but can significantly impact that firm.

FCA engagement

Published 13 November 2024

The FCA’s oversight of regulated consumer credit firms is at an all-time high. The regulators ongoing scrutiny of regulated consumer credit firms stems their focus areas around conduct, Consumer Duty and vulnerable customers (to name a few). This event was suitable for Board-level Directors and Senior Managers.

FCA keeps a firm grip on the oversight of Appointed Representatives

Published 12 September 2024

Last week the FCA published the findings of its review of how principal firms are meeting its enhanced appointed representative rules, introduced in December 2022. As a reminder, an appointed representative (AR) is a firm that undertakes regulated activities and acts as an agent for a firm directly authorised by the FCA. This firm is known as the appointed representative’s “principal” firm.

Reducing the burden

Published 08 August 2024

The end of July saw the first anniversary of the implementation of the FCA’s Consumer Duty. This meant vast amounts of work undertaken by regulated firms to prepare, looking to embed the Duty in every stage of the customer journey.  We have supported CCTA members through this process, but it is no means finished, as we know this will be a continual process, especially as requirements for closed products and the Annual Board Report have now come into force too.

The general election and a possible change in government

Published 30 May 2024

On 22 May, Rishi Sunak surprised most of the UK by calling a General Election to take place on 4 July. Much of the political world thought it would take place in the autumn, but there was a growing sense that this was as good as it would get for the Conservatives. Though polls can be misleading and often narrow as election day approaches, Labour has consistently been around twenty points ahead of the Conservatives. It seems unlikely that the Tories will feature in the next government. Labour looks likely to be at the head of the next government in some form, possibly with a majority, a minority, or a coalition arrangement.

Treasury Committee looks at the issue of de-banking

Published 20 May 2024

Earlier this month the influential Treasury Select Committee published their report into SME Finance. The Committee contains MPs from across the House of Commons, representing all major parties. The report was commissioned to look at the recent experiences of small businesses. It was designed to consider the issue of access to finance and what else can be done to encourage business growth.

Technology – the pace of change is rapid

Published 07 May 2024

Developments in technology have been back in the news in recent weeks. Open Banking, the use of data and AI have all received mentions. Though they offer exciting possibilities, these new developments need to be balanced with the appropriate checks. We are all aware of the potential unintended consequences and the lag that can occur between innovation and necessary regulation.

Changes in home credit

Published 22 January 2024

Back in the early noughties, the home credit market was under intense scrutiny for a lack of competition which led to the then Competition Commission investigating the sector. It was thought that it was difficult for consumers to compare products or switch between providers to find the best price. Following the investigation an order was passed that placed various conditions on the sector.