Technology – the pace of change is rapid

Published 07 May 2024

Developments in technology have been back in the news in recent weeks. Open Banking, the use of data and AI have all received mentions. Though they offer exciting possibilities, these new developments need to be balanced with the appropriate checks. We are all aware of the potential unintended consequences and the lag that can occur between innovation and necessary regulation.

Annual board reports and closed products

Published 07 May 2024

At the time of writing (May 2024), we are now nine months into the Consumer Duty since the implementation deadline of 31 July 2023. It is now essential to ensure that our members are fully aware of the upcoming requirements of the Duty: the production of an annual board report for the firm’s governing body and the deadline for closed products coming into the scope of the Consumer Duty. Both these requirements have a deadline of 31 July 2024.

Debt collection: Meeting FCA expectations

Published 02 May 2024

A new Live Learning event has been added to CCTA Academy. In light of the joint letter issued by industry regulators (FCA, Ofwat, Ofgem, Ofcom) on debt collection expectations of firms, this online session is aimed at staff and team managers. It provides a recap of the regulatory rules and expectations around debt collection practices. This content can be accessed by logging into CCTA Academy.

CCTA Inform: Spring 2024

Published 25 April 2024

CCTA Inform is an essential ‘easy read’ publication, exclusively available to members. This issue covers December 2023 to March 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.

FCA publishes Financial Lives Survey 2024

Published 15 April 2024

Last week the FCA published the findings of its Financial Lives Survey on the cost of living, conducted this January. The FCA uses the survey to explore the finances of UK consumers and how they would assess their own situation. The survey was carried out between December 2023 and January 2024, with under 3,500 respondents.

CCTA Magazine: 2024 Issue One

Published 09 April 2024

Welcome to the latest edition of CCTA Magazine. We have updated the look and feel of the publication for 2024 so I hope you like the changes which have also improved readability. As is often the case with a new year, we have seen a flurry of regulatory activity and statements in the recent months so there is a lot of content here.

FCA publishes Financial Lives Survey 2024

Published 08 April 2024

Last week, the Financial Ombudsman Service (FOS) published its final Plans and Budget for the forthcoming financial year, following a consultation that closed in January. This process takes place annually and allows for firms to feedback on plans the Ombudsman around the complaints process, and how the FOS intends to improve it. This year the FOS consulted on plans to lower fees and operational improvements. It also asked about plans to move forward with charging professional representatives, including claims management companies (CMCs), to access the Ombudsman service.

Motor finance (2024-2)

Published 04 April 2024

As many of our motor finance members will know, we are in a regular process of holding roundtable sessions and reporting back on these a number of weeks later. Our last roundtable was held on 15 February 2024 and this report has been generated from those discussions, both for clarity and for those members that were unable to attend due to other commitments.

Spring 2024

Published 25 March 2024

The agenda included the FCA’s Consumer Duty and the regulator’s investigation into discretionary commission arrangements in motor finance. TransUnion shared recent market insights and trends. CCTA provided an update on CMC charging and reform of the Consumer Credit Act. Addleshaw Goddard and Lantern were panel speakers.

The Budget: Do the sums add up for UK families?

Published 07 March 2024

Yesterday the Chancellor delivered the Spring Budget in Parliament. The purpose of the budget is to update Parliament on the state of the economy and to outline the Government’s proposals for changes to the tax system. This was arguably the last big economic event we will see from this Conservative government. The Prime Minister has told us to expect an election by the end of this year, so it is unlikely we would see another statement before then.

Board reports

Published 06 March 2024

This workshop looked at how firms can work towards building their annual board reports, the first of which was required by 31 July 2024. We provided insights into the type of data firms should be using to populate their board report and explained the level of data that should be included.

Home-collected credit update (2024-1)

Published 04 March 2024

The news that the Competition and Markets Authority (CMA) is looking at the future of the home credit comparison website – www.lenderscompared.org.uk – prompted me to write out to our members in home-collected. I wanted to mention the CMA proposals on changes to their Order, driven by massive changes in the home credit market.