CCTA Inform: Summer 2024

Published 02 September 2024

CCTA Inform is an essential ‘easy read’ publication, exclusively available to members. This issue covers April 2024 to July 2024. 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.

High cost credit market

Published 20 August 2024

The CCTA position is set out here. This includes points made in response to questions by the FCA. The regulator’s questions and their occasional response is captured in purple. Questions from CCTA are in green.

Reducing the burden

Published 08 August 2024

The end of July saw the first anniversary of the implementation of the FCA’s Consumer Duty. This meant vast amounts of work undertaken by regulated firms to prepare, looking to embed the Duty in every stage of the customer journey.  We have supported CCTA members through this process, but it is no means finished, as we know this will be a continual process, especially as requirements for closed products and the Annual Board Report have now come into force too.

Consumer Duty (2024-1)

Published 05 August 2024

We are now in the second year of the Consumer Duty. The FCA held an event to celebrate the first anniversary and invited trade associations on 31 July 2024. Some of that was available online, and many firms took advantage of that opportunity. This paper briefly summarises the keynote address and provides a little more detail from a separate break-out session facilitated by Roma Pearson, Director of Consumer Finance.

Consumer Duty – one year on

Published 01 August 2024

It has now been one year since the Consumer Duty came into force for new and existing financial products and services. We are sure that firms will agree; it has been quite a journey so far! The implementation of the Duty has been a somewhat phased approach. The financial services industry had deadlines in relation to approved implementation plans and information exchange requirements. We are now at the stage of the final, hard deadline set for firms under the Duty, that deadline being Annual Board Reports and closed products and services.

CCTA Magazine: 2024 Issue Two

Published 31 July 2024

Welcome to the latest edition of CCTA Magazine. It’s fair to say the announcement of the General Election took many of us by surprise in May. We now have a new Labour Government in place, which will mean many changes in the political world.

What’s happening in the motor finance market?

Published 26 July 2024

After a mortgage, the purchase of a vehicle is often the second largest expense within a household, which is why a range of motor finance options have developed over the years to assist families in making this purchase. The CCTA membership includes motor finance firms of different sizes with various specialisms across the sector.

Understanding vulnerable customers

Published 17 July 2024

This Live Learning event is designed to compliment the CCTA Academy Vulnerable Customers course. It aims to enhance, at a more advanced level, the learners’ knowledge and understanding of vulnerability and help improve their skillsets when dealing with vulnerable customers. This content can be accessed by logging into CCTA Academy.

Motor finance (2024-3)

Published 04 July 2024

As many of our motor finance members will know, we regularly hold roundtable sessions to talk about motor finance issues, both picked up by the CCTA team and those raised by our member firms. Our last roundtable was held on 14 May 2024, and we are now reporting on those discussions in the form of a briefing to the membership on the key discussions.

What would be in the CCTA Manifesto?

Published 02 July 2024

As we head towards polling day for the general election on 4 July, we have now seen the manifestos from all the main political parties. The purpose of a manifesto is to outline the steps a party would take, if they get the opportunity to form a government. From what we have seen most of the 2024 manifestos have been light on the detail around consumer credit and financial inclusion – understandably there are other issues that grab the headlines like NHS waiting lists and illegal migration.

Summer 2024

Published 11 June 2024

Duncan McLellan, Senior Fraud Intelligence Analyst at CIFAS, discussed the current threat landscape and key challenges facing firms trying to tackle fraud. Our Consumer Duty panel considered the deadline for closed products and the annual board report. CCTA provided an update on activity and discussed the election results.

FOS consults on charging CMCs

Published 10 June 2024

A general election wasn’t the only announcement we saw in late May. The Financial Ombudsman Service (FOS) also published its next consultation on plans to move forward with charging professional representatives, including Claims Management Companies (CMCs), to access their service. We, along with many CCTA members, responded to the last consultation calling for action to be taken.