CMC Update (2024-1)

Published 08 January 2024

As is our established process, we regularly update our members on developments around Claims Management Companies (CMCs). In this first update of 2024, we would like to cover some developments from the end of 2023.

Motor finance (2024-1)

Published 04 January 2024

It was good to have our last motor finance roundtable of 2023 in early November. As has been the process, we report on the discussions a few weeks after the event and address the agenda items covered in a formal report. If there has been a significant update from the time of the roundtable, then we have also included details of this.

CCTA Inform: Winter 2023

Published 18 December 2023

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

Winter 2023 Summit – Q&A

Published 18 December 2023

Thanks to everyone who attended our recent Winter Summit. We said we would provide a download link for the presentations at the CCTA Summit. The Summit featured presentations from industry experts, including Jeanette Burgess of Walker Morris, the FCA’s Cost of Living Team, and Chris Fitch of Bristol University. This briefing answers the questions that we didn’t have time to answer during the session.

Winter 2023

Published 12 December 2023

Chris Fitch, Vulnerability Lead at the Money Advice Trust gave a presentation. He has spoken at previous CCTA conferences about the development of the principles of vulnerability. As members have become increasingly aware of the importance of vulnerability, we asked Chris to update us on the latest thinking in this area.

Borrowing and spending at Christmas

Published 08 December 2023

Earlier this week, the Financial Ombudsman Service (FOS) published its Plans and Budget consultation for 2024/25. While these are first steps, we believe that they are heading in the right direction. The consultation details changes to the organisation’s funding model, including a £100 reduction in the case fee, a decrease in levy payments and plans to consult on charging professional representatives, which include Claims Management Companies (CMCs), to bring cases to the FOS. 

Year in Review: 2023

Published 07 December 2023

As we head toward the end of 2023, it is time to reflect on the year and publish our Year in Review. This is our opportunity to bring together all the elements of CCTA work and explain how we speak on behalf of members, share the insights from discussions and build a strong network. In recent years, finding the CCTA drawn toward one sector and one major problem has not been unusual. This year is different in that we have seen the emergence of issues across the membership.

Level playing field in consumer credit?

Published 03 December 2023

Unsurprisingly, consumer credit regulation plays an essential part in the lending market. A level playing field in consumer credit is a crucial principle. Firms of different sizes and formats and providing various products need access to the market. We can see some areas where we may come off track with the current discussions about regulating Buy Now Pay Later (BNPL) and Big Tech entering into financial services.

CCTA Magazine: 2024 Issue Three

Published 28 November 2023

Welcome to the latest edition of CCTA Magazine. This issue follows our Annual Conference, which took place in Manchester in early October. Once again, I enjoyed connecting with lots of CCTA members, as well as the external stakeholders which featured in the lineup.

Cost of living paper

Published 27 November 2023

The FCA is taking the cost of living crisis seriously. To a certain extent, this is a continuation of a project that emerged from the COVID-19 pandemic. Cost of living has been the highest public agenda item at times and then fallen away as other issues emerged. As winter approaches and energy prices become a more significant factor, we will see pressure increase again.

Engaging on the FCA’s Product Sales Data consultation

Published 24 November 2023

Anyone in consumer credit will likely know about the FCA’s recent consultation on Product Sales Data (PSD) reporting. The FCA has stated that the proposals aim to collect further data from the market to inform their supervisory and policy approach. The proposals would mean data would be provided to the FCA on every loan issued across credit cards, motor finance, etc. That includes information about every customer.

Motor finance (2023-3)

Published 24 November 2023

Thank you to all those who attend our Motor Finance Roundtable a couple of weeks ago. In the session, we covered a number of agenda items relevant to the motor finance sector. Two of those items related to legal cases in the motor finance sector and the use of vehicle immobilisers. Members requested further information relating to the legal cases and the FCA view on the use of immobilisers.