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.

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.

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.

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.

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).

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.

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.

Summer 2022

Published 05 July 2022

TransUnion presented on the emerging trends identifed from the perspective of a CRA. The FCA provided an outline of the team’s work and how best to engage with them. They also updated on how they approach the regulation of CMCs. There was also a chance to discuss other developments on CMCs and an update from CCTA.