CCTA Inform: Winter 2024

Published 17 December 2024

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

Borrowing and spending at Christmas

Published 15 December 2024

At this time of year, there are always stories about how people plan to pay for Christmas. Costs can quickly add up between presents, family expectations, extra travel, and hosting. Combined with the cost-of-living crisis currently facing many, it can be an expensive time of year.

Winter 2024

Published 11 December 2024

We discussed changes in motor finance as well as the newly released consultation from the FCA and FOS on modernising the redress scheme. We were also be joined by Peter Tutton, Head of Policy at StepChange Debt Charity. Lastly, we looked further down the track to discuss what else we expect to see in 2025.

Year in Review: 2024

Published 05 December 2024

Much of our activity is about helping our members understand the regulatory environment in which they operate, especially the regulators’ expectations. In 2024, we delivered that through the conference, summits, roundtables, and workshops we ran. This equated to fifteen events in total, sitting alongside twenty-two publications and updates.

Motor finance – November 2024

Published 24 November 2024

In this session, we updated on FOS complaint figures and the Court of Appeal decision. We considered how to engage with dealers, and the role of Appointed Representatives. We looked into the FCA lender survey and fines. Lastly, we talked about the Policy Statement on the extension of the pause issued by the FCA.

FCA engagement

Published 13 November 2024

The FCA’s oversight of regulated consumer credit firms is at an all-time high. The regulators ongoing scrutiny of regulated consumer credit firms stems their focus areas around conduct, Consumer Duty and vulnerable customers (to name a few). This event was suitable for Board-level Directors and Senior Managers.

Motor finance – Court of Appeal

Published 11 November 2024

The fallout from the Court of Appeal decision continues. Many major motor finance lenders and trade associations, including the CCTA, continue to liaise with the FCA, HM Treasury, the Financial Ombudsman Service (FOS) and legal firms.

Movement on access to credit

Published 08 November 2024

Access to credit has always been central to the work of the CCTA since it was founded over 130 years ago. We have a long-standing project to protect access to responsible credit for customers that often struggle to borrow elsewhere. In recent months, we have seen a greater interest in access to credit and financial inclusion from a range of external stakeholders which as been encouraging.

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.