CCTA response to BNPL Consultation

Published 19 January 2022

HM Treasury’s consultation on Buy-Now Pay-Later (BNPL) products has recently closed. Here we share the main points from our response. These are key principles we believe HM Treasury needs to consider when shaping the future regulation of consumer credit.

CCTA response to the FOS plans and budget 2022/23

Published 15 December 2021

For some time, we have been talking about the financial pressure our members are under from the current fee structure of the FOS. We are disappointed by today’s announcement which includes a large rise in the compulsory jurisdiction levy paid by firms.

CCTA Inform: Winter 2021

Published 07 December 2021

CCTA Inform is an essential ‘easy read’ publication, exclusively available to members. This issue covers September 2021 to November 2021. 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.

What will the FCA’s ‘Consumer Duty’ mean for access to credit

Published 24 November 2021

I spoke last week at an event exploring the FCA’s proposed ‘Consumer Duty’. The Duty is positioned as asking firms to put themselves in the shoes of the customer and consider if they would like to be treated how their firm treats customers. We are concerned that it is a much more radical change in the relationship between consumer and lender and that was my warning.

Time to talk money

Published 10 November 2021

This week is Talk Money Week run by the Money and Pensions Service (MaPS). Set up by government, MaPS exists to ensure every person feels more in control of their finances throughout their lives. Talk Money Week is a campaign designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance.

Affordability complaints

Published 01 November 2021

We were delighted to have Huntswood help us with our workshop that looked at affordability complaints. Huntswood talked about how the FOS have developed its understanding of the principles and how this translates into decisions. Lenders were able to take away ideas as to how they could improve their complaint handling.

Is the cost of living on the increase?

Published 25 October 2021

We are being told that there is a rise in the ‘cost of living’ but what does this mean? Simply that the necessary costs we all face are going up, but what is driving this rise now? September saw a slight drop in inflation, but economists predict this is likely to only be a temporary dip before the rate continues to rise into next year. A rise in the level of inflation means the costs of goods and services have gone up, and this translates into a struggle for many as they try to manage their family finances, especially if wage growth cannot keep up.

CCTA comment on HM Treasury consultation on BNPL regulation

Published 21 October 2021

CCTA commenting on HM Treasury consultation on the regulation of BNPL said: “The consultation on BNPL is welcome, but it highlights that the current regulation of consumer credit is complex and unwieldy. These products should already be regulated by the FCA, but the system takes too long to change.”

CCTA Magazine: 2021 Issue Three

Published 19 October 2021

Welcome to the latest edition of CCTA magazine. It feels like the last few months have seen a return to normality, with more events and conferences taking place as we look towards Christmas. The CCTA is included within this as we managed to hold our first physical event in over two years.

Autumn 2021

Published 13 October 2021

Our panellists looked to the future and brought together expertise on a range of issues and market areas. This allowed for an interesting discussion as we looked at the future of alternative lending. To mark the return to physical events, attendees were also invited to stay on for a celebratory drink.

Meet the FOS

Published 06 October 2021

The Financial Ombudsman Service (FOS) ran a virtual ‘Meet the Ombudsman’ workshop. The session was aimed at firms that have had little or no experience of dealing with FOS complaints. It was led by John Wightman and Sarah Conway – two ombudsman leaders who oversee the work of the FOS on high-cost credit.

CCTA Inform: Autumn 2021

Published 09 September 2021

CCTA Inform is an essential ‘easy read’ publication, exclusively available to members. This issue covers June 2021 to August 2021. 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.