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.

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.