CCTA Inform: Winter 2022

Published 09 December 2022

CCTA Inform is an essential ‘easy read’ publication, exclusively available to members. This issue covers September 2022 to November 2022. 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.

Year in Review: 2022

Published 01 December 2022

As we head toward the close of 2022, it has been a challenging year, yet the CCTA is pleased to have progressed several policy and advocacy initiatives that are important for our members. External forces, such as the continuing impact of Covid and the emergence of a cost-of-living crisis have made it a difficult environment for us all. Families across the UK have been under continuing financial pressure. Our members have responded positively, recognising the role that alternative credit can play but also acting to spot irresponsible borrowing.

Illegal money lending

Published 29 November 2022

Many CCTA members worry about the growth of illegal lending in the UK and have asked how they can help.  This workshop was created in partnership with the Illegal Money Lending Team (IMLT). The IMLT explained what we should be looking for and discussed the best way to refer suspected instances of illegal money lending to the team.

Meeting the October 2022 deadline

Published 25 October 2022

The FCA will be reviewing the implementation plans for a number of firms, how many, we do not know. We do know this an area of priority for the FCA and that teams have been established to take this forward. The CCTA has undertaken a series of activities to guide our members in the implementation of the Consumer Duty. We urge you to review the guidance paper that CCTA developed following the publication of the final policy statement.

Up in the air: When is it appropriate to lend to those with CCJs?

Published 24 October 2022

In the latest issue of CCTA Magazine, we asked Lex Jones of the Registry Trust to talk a little more about the importance of the work that they do on county court judgments (CCJs). The CCTA is a strong supporter of their Get Satisfaction campaign. It is vital to ensure judgments are kept up to date. When CCJs are satisfied it is important that there is a record. This should be a win-win for both the customer and lenders.

Changing track: What the new government means for the industry

Published 24 October 2022

Following Boris Johnson’s somewhat forced resignation in July, a new leadership contest for the Conservative Party took place over the summer. This meant a change of Prime Minister and a new Government.

CCTA Magazine: 2022 Issue Three

Published 13 October 2022

Welcome to the last edition of CCTA Magazine for 2022. Though we only find ourselves in October, I think few of us could have predicted what the last few months have brought including the death of the Queen, a new Prime Minister, and the cost-of-living crisis. There is certainly a lot for firms to think about as we head into the colder months.

Autumn 2022

Published 12 October 2022

The FCA gave a presentation on financial promtions. There was also an update from the CCTA team. Gain Credit, Addleshaw Goddard and Coeo also participated in a ‘Implementingn the Consumer Duty’ panel. To mark the last all-member event of the year, we also invited members to stay on for a celebratory drink.

Appointed Representatives

Published 05 October 2022

The Appointed Respresentatives (AR) regime is a longstanding feature of UK financial services regulation. Legislation for the AR regime was first established in 1986 for investment services activity but was later adapted and applied to a wider range of financial services under the Financial Services and Markets Act (FSMA 2000). It allows agents and representative firms to engage in regulated activities without the need for being directly authorised by the FCA. The ‘Principal’ (the regulated firm or person who allows the AR to operate under their permissions) effectively takes responsibility for the AR’s conduct and oversight.

Consumer Duty

Published 06 September 2022

The Consumer Duty is a new initiative, responsibility for which has been placed upon the Financial Conduct Authority (FCA), by the Treasury. For the financial services industry, the Consumer Duty marks a shift from rules-based regulation to more ‘principles’ and ‘outcomes’ based. This guidance paper covers: introduction and background, the 12th consumer principle, three cost-cutting rules, the four consumer outcomes and key operational considerations.

Consumer Duty

Published 09 August 2022

The final policy statement on Consumer Duty was due at the end of July 2022 and so we ran a virtual event following its publication. The workshop covered a full overview of the Consumer Duty principles and requirements before addressing granular details specific to the alternative lending sector.

PS22/9: A new Consumer Duty

Published 27 July 2022

It is interesting to see the Consumer Duty policy statement and final guidance out. We will be taking a few days to work through all the materials. For some of us, this has been the focus for many months, if not years of discussion. Of course, no one can disagree with the general principles and outcomes that we have arrived at and there were some good decisions about the scope or the right of action. Any non-handbook guidance is welcomed, and that has long been one of our appeals.