Home-collected credit update (2023-1)

Published 20 July 2023

If you have kept up to date with the comms that we have sent out over the last few weeks, you will have seen that the Fair4All report into illegal lending has been published. This is a piece of independent research, that investigates the growth of illegal lending. It builds upon the earlier work of the Centre for Social Justice that gave us an estimate of over a million people using illegal lending operations. This is of interest to all regulated lenders.

CCTA Magazine: 2023 Issue Two

Published 17 July 2023

Welcome to the latest issue of CCTA Magazine. We have brought together opinion pieces, articles and information for readers. In our feature articles, you will see that one of our common threads is access to credit, with reference to the recent report by Fair4All that showed the growth of illegal lending and a link to the fall in regulated credit.

Motor finance (2023-1)

Published 13 July 2023

Back in May, we held an online roundtable for CCTA members with a link to motor finance. This event was the first of its format for CCTA. We also extended invites to those that also expressed an interest in asset finance. We explained that every so often we ask members to update their interests. That means we had a mix of members joining us, some totally focussed on motor finance and some that offer many products.

Illegal lending update

Published 28 June 2023

Those of you that joined our online Summer 2023 Summit on 27 June will have heard me talk about the imminent launch of a new report into illegal lending by Fair4All. I have spoken about this in the past and I was delighted to be involved on the sounding board that helped guide the report. We also had the research lead, Niall Alexander, speak at a past CCTA Summit.

Summer 2023

Published 27 June 2023

Peter Tutton from StepChange came along to speak at our 2023 Summer Summit. StepChange needed no introduction and is both an important partner for many lenders as well as an influential voice when it comes to credit and debt. With the deadline fast approaching, we also held another session on Consumer Duty.

Spring 2023 Summit – readout

Published 01 June 2023

In this guidance paper, we are covering the discussion on Consumer Duty which was held during our panel session at our Spring Summit in London. The paper also contains information about two key updates from the FCA following our Summit: a speech by FCA’s Sheldon Mills on the countdown to Consumer Duty implementation and the FCA’s review of firms’ fair value assessments.

Motor finance – May 2023

Published 25 May 2023

This was part of our development of a motor finance group within the CCTA as we picked up on some emerging matters. In our discussion with regulators, we have talked about a range of topics, from the issue of commissions and use of immobilisers through to affordability and the impact of Consumer Duty.

Spring 2023

Published 26 April 2023

Our Consumer Duty panel session included our Head of Policy and Advice, Naveed Asif, Matthew Drage of Square 4 and Mark Fiander, CEO of Gain Credit. Niall Alexander of Fair4All Finance discussed his research into illegal lending in the UK. We also reported on issues that the CCTA was talking to the FCA, Treasury and FOS about.

Minister talks about access to credit

Published 20 April 2023

We are always interested in hearing from Andrew Griffith, Economic Secretary to the Treasury. He is also referred to as the city minister because financial services fall within his area of responsibility. So when he spoke at the Mansion House about Financial Literacy and Inclusion, it was good to hear him talking about the importance of access to credit.

Increasing regulatory burden leads to a drop in regulated supply

Published 13 April 2023

We are currently reviewing the FCA Strategy to determine its implications for our members. That is being considered alongside the FCA’s proposed regulatory fees and levies. Too often regulators set rules that work well for the big banks and mega insurance companies. The FCA often fails to recognise the important part played by smaller firms and that increasing regulatory burden needs to be considered.

Information exchange templates

Published 06 April 2023

As firms work through the implementation of the Consumer Duty requirements, one key deadline which our members will be aware of is the exchange of information deadline between manufacturers and distributors. Firms will need to have exchanged relevant information with the distribution chain by 30 April 2023. There are requirements for both manufacturers and distributors in respect of this deadline.

CCTA Inform: Spring 2023

Published 05 April 2023

CCTA Inform is an essential ‘easy read’ publication, exclusively available to members. This issue covers December 2022 to March 2023. During this period, we have collected details of legislation, regulatory updates and other announcements that may be of interest. Members should also ensure they are subscribed to our weekly CCTA Update email to be kept up to date with the latest industry news.