Winter 2023

Published 12 December 2023

Chris Fitch, Vulnerability Lead at the Money Advice Trust gave a presentation. He has spoken at previous CCTA conferences about the development of the principles of vulnerability. As members have become increasingly aware of the importance of vulnerability, we asked Chris to update us on the latest thinking in this area.

Borrowing and spending at Christmas

Published 08 December 2023

Earlier this week, the Financial Ombudsman Service (FOS) published its Plans and Budget consultation for 2024/25. While these are first steps, we believe that they are heading in the right direction. The consultation details changes to the organisation’s funding model, including a £100 reduction in the case fee, a decrease in levy payments and plans to consult on charging professional representatives, which include Claims Management Companies (CMCs), to bring cases to the FOS. 

Year in Review: 2023

Published 07 December 2023

As we head toward the end of 2023, it is time to reflect on the year and publish our Year in Review. This is our opportunity to bring together all the elements of CCTA work and explain how we speak on behalf of members, share the insights from discussions and build a strong network. In recent years, finding the CCTA drawn toward one sector and one major problem has not been unusual. This year is different in that we have seen the emergence of issues across the membership.

Level playing field in consumer credit?

Published 03 December 2023

Unsurprisingly, consumer credit regulation plays an essential part in the lending market. A level playing field in consumer credit is a crucial principle. Firms of different sizes and formats and providing various products need access to the market. We can see some areas where we may come off track with the current discussions about regulating Buy Now Pay Later (BNPL) and Big Tech entering into financial services.

CCTA Magazine: 2024 Issue Three

Published 28 November 2023

Welcome to the latest edition of CCTA Magazine. This issue follows our Annual Conference, which took place in Manchester in early October. Once again, I enjoyed connecting with lots of CCTA members, as well as the external stakeholders which featured in the lineup.

Cost of living paper

Published 27 November 2023

The FCA is taking the cost of living crisis seriously. To a certain extent, this is a continuation of a project that emerged from the COVID-19 pandemic. Cost of living has been the highest public agenda item at times and then fallen away as other issues emerged. As winter approaches and energy prices become a more significant factor, we will see pressure increase again.

Engaging on the FCA’s Product Sales Data consultation

Published 24 November 2023

Anyone in consumer credit will likely know about the FCA’s recent consultation on Product Sales Data (PSD) reporting. The FCA has stated that the proposals aim to collect further data from the market to inform their supervisory and policy approach. The proposals would mean data would be provided to the FCA on every loan issued across credit cards, motor finance, etc. That includes information about every customer.

Motor finance (2023-3)

Published 24 November 2023

Thank you to all those who attend our Motor Finance Roundtable a couple of weeks ago. In the session, we covered a number of agenda items relevant to the motor finance sector. Two of those items related to legal cases in the motor finance sector and the use of vehicle immobilisers. Members requested further information relating to the legal cases and the FCA view on the use of immobilisers.

CCTA Magazine: 2023 Issue Three

Published 23 November 2023

Welcome to the latest edition of CCTA Magazine. I hope the magazine shows that it has been a busy few months! In this issue we have brought together a range of articles from CCTA members and external contributors on the issues of importance to the sector.

Supporting Talk Money Week

Published 09 November 2023

We are now well into Talk Money Week 2023 run by the Money and Pensions Service (MaPs) which we are supporting. The purpose of Money Talk Week is to break the taboo of talking about money and encourage individuals to speak about their finances, something we still seem to struggle with here in UK. It is an annual campaign that organisations of all kinds can get involved with.

Motor finance – November 2023

Published 08 November 2023

In the session, we covered a number of agenda items relevant to the motor finance sector, including an update from FOS. Other agenda items related to legal cases in the sector and the use of vehicle immobilisers. Members requested further information relating to the legal cases and the FCA’s view on the use of immobilisers.

Regulation of BNPL: An update

Published 06 November 2023

We think the FCA announcement on Buy Now Pay Later (BNPL) activity is interesting for several reasons. First, it is fascinating that over 1 in 4 adults had used BNPL in the second half of last year. This raises some critical questions about the regulation of BNPL. The FCA believes about 14 million people used BNPL in the second half of last year (2022). That is about 27% of the population over six months, compared with 17% in the preceding twelve months. If we want to mess around with the statistics, then that suggests that we are heading towards doubling earlier figures.