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.

Technology paper

Published 01 November 2023

Artificial Intelligence, Machine Learning, and ChatGPT are words we hear more and more. There is a lot of new technology appearing on the scene which will revolutionise not only the financial services market but also the wider world in the next few years. Technology has always played an important part in the development of alternative lending products. For that reason, we wanted to share a paper that looks at some of these developments in a little more detail.

CMC Update (2023-1)

Published 19 October 2023

We regularly write out to members updating you on what we are seeing in terms of developments around CMCs. We last wrote out at the close of May and that sparked some ongoing conversations with CCTA members, especially in home credit and High-Cost Short-Term Credit (HCSTC).

CCTA Conference: 2023 brochure

Published 20 September 2023

We last met in April 2022, with a great conference in Liverpool. Discussions centred on how firms had adapted during those unparalleled times. Those conversations were enlightening and deeply resonant. The programme for this year promises to be equally, if not more, engaging. We have a packed agenda that addresses pivotal topics faced by our members and the broader market. We are fortunate to be joined by exceptional speakers, many of whom are recognised authorities in their respective fields. Each has given their time to develop contributions that draw on their expertise and insight.

CCTA Conference: 2023 presentations

Published 20 September 2023

2023 saw us look at the alternative lending customer profile and explore the impact of reduced access to credit. Both the FCA and FOS presented on ways in which we can work together. Our new learning and development Academy also launched at this event.