CMC Update (2024-3)

Published 31 October 2024

It has long been our view that there is a fundamental injustice that allows CMCs to access the Financial Ombudsman Service (FOS) while lenders must pay – win or lose. Will that change? The short answer is that we continue to be on track to a change in the rules, with CMCs and legal firms likely to be asked to contribute to the cost of cases. However, nothing is certain.

Motor finance (2024-4)

Published 29 October 2024

Our last roundtable was held on 18 September 2024, and we are now reporting back on those discussions both for clarity and for members who were unable to attend due to other commitments. The session was hosted by Mike Deans of Borderway Finance and included Naveed Asif Head of Policy & Advice (CCTA), Russell Kelsall Partner, Head of Consumer & Motor Finance (Walker Morris), Jo Davis Partner (Auxillias) and Dan Simpson Head of Compliance (Marsh Finance).

CCTA Conference: 2024 brochure

Published 02 October 2024

A year on from our last conference, there continues to be a lot of activity focused on the consumer credit industry. And there has certainly been much change elsewhere, including a new Labour Government and an uncertain economic backdrop. The programme for this conference picks up on these themes, as well as the key topics facing firms from across the CCTA membership. Be it embedding the FCA’s Consumer Duty, or motor finance commissions, there is something that will be of interest to everyone.

CCTA Conference: 2024 presentations

Published 02 October 2024

The 2024 Conference picked up on the growing focus of access to credit and financial inclusion with the FCA, Financial Inclusion Commission and Fair4all Finance all coming together to discuss the topic. Elsewhere embedding of the Consumer Duty and other aspects of the regulatory framework were discussed.

Motor finance – September 2024

Published 18 September 2024

Our expanded lineup of participants brought their expertise to the event. In addition to Naveed Asif (CCTA), Jo Davis (Auxillias) and Russell Kelsall (Walker Morris), we were also joined by Mike Deans (Borderway Finance) and Dan Simpson (Marsh Finance), who are motor finance lender/broker CCTA members.

Vulnerable customers

Published 12 September 2024

Firms must pay due regard to the understanding, identification and monitoring of vulnerable customers to ensure they receive the same outcomes as the wider customer base. This workshop provided the latest insights and practical guidance on assessing the fitness and propriety of  Vulnerable Customers frameworks.

FCA keeps a firm grip on the oversight of Appointed Representatives

Published 12 September 2024

Last week the FCA published the findings of its review of how principal firms are meeting its enhanced appointed representative rules, introduced in December 2022. As a reminder, an appointed representative (AR) is a firm that undertakes regulated activities and acts as an agent for a firm directly authorised by the FCA. This firm is known as the appointed representative’s “principal” firm.

Working with CCTA

Published 03 September 2024

Our associate members are an important part of CCTA and its wider network. Such firms provide valuable products and services to support our lenders and brokers. We are keen to ensure continued close working relationships with our associates. As such, this event discussed opportunities to expand reach throughout our network.

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.