CCTA Magazine: 2023 Issue Three

Published 23 November 2023

Welcome to the latest edition of CCTA Magazine. I hope the magazine shows that it has been a busy few months! In this issue we have brought together a range of articles from CCTA members and external contributors on the issues of importance to the sector.

Supporting Talk Money Week

Published 09 November 2023

We are now well into Talk Money Week 2023 run by the Money and Pensions Service (MaPs) which we are supporting. The purpose of Money Talk Week is to break the taboo of talking about money and encourage individuals to speak about their finances, something we still seem to struggle with here in UK. It is an annual campaign that organisations of all kinds can get involved with.

Motor finance – November 2023

Published 08 November 2023

In the session, we covered a number of agenda items relevant to the motor finance sector, including an update from FOS. Other agenda items related to legal cases in the sector and the use of vehicle immobilisers. Members requested further information relating to the legal cases and the FCA’s view on the use of immobilisers.

Regulation of BNPL: An update

Published 06 November 2023

We think the FCA announcement on Buy Now Pay Later (BNPL) activity is interesting for several reasons. First, it is fascinating that over 1 in 4 adults had used BNPL in the second half of last year. This raises some critical questions about the regulation of BNPL. The FCA believes about 14 million people used BNPL in the second half of last year (2022). That is about 27% of the population over six months, compared with 17% in the preceding twelve months. If we want to mess around with the statistics, then that suggests that we are heading towards doubling earlier figures.

Technology paper

Published 01 November 2023

Artificial Intelligence, Machine Learning, and ChatGPT are words we hear more and more. There is a lot of new technology appearing on the scene which will revolutionise not only the financial services market but also the wider world in the next few years. Technology has always played an important part in the development of alternative lending products. For that reason, we wanted to share a paper that looks at some of these developments in a little more detail.

CMC Update (2023-1)

Published 19 October 2023

We regularly write out to members updating you on what we are seeing in terms of developments around CMCs. We last wrote out at the close of May and that sparked some ongoing conversations with CCTA members, especially in home credit and High-Cost Short-Term Credit (HCSTC).

CCTA Conference: 2023 brochure

Published 20 September 2023

We last met in April 2022, with a great conference in Liverpool. Discussions centred on how firms had adapted during those unparalleled times. Those conversations were enlightening and deeply resonant. The programme for this year promises to be equally, if not more, engaging. We have a packed agenda that addresses pivotal topics faced by our members and the broader market. We are fortunate to be joined by exceptional speakers, many of whom are recognised authorities in their respective fields. Each has given their time to develop contributions that draw on their expertise and insight.

CCTA Conference: 2023 presentations

Published 20 September 2023

2023 saw us look at the alternative lending customer profile and explore the impact of reduced access to credit. Both the FCA and FOS presented on ways in which we can work together. Our new learning and development Academy also launched at this event.

Motor finance (2023-2)

Published 14 September 2023

As you will be aware, CCTA has established a Special Interest Group focused on motor finance. This group brings together CCTA members to share experiences and insight into the wider motor finance market. Our first roundtable, held on 25 May, covered a variety of key topics of discussion, including commission, complaints, insight from Financial Ombudsman Service (FOS), updates on motor finance legal cases and, of course, Consumer Duty.

Consumer Duty (2023-1)

Published 07 September 2023

We know that many of our members have spent the best part of the last year focussing on Consumer Duty. Since the FCA published its Consumer Duty Policy Statement and Guidance Paper in July 2022, the industry focus shifted towards understanding the Duty and the requirements laid down by the regulator.

CCTA Inform: Summer 2023

Published 14 August 2023

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

Motor finance – August 2023

Published 01 August 2023

The focus of this meeting was Consumer Duty. We met soon after the close of the deadline, so we could take a minute to pause and think about where we were. Some of you were a little behind where you hope to be. But Consumer Duty will be on our agenda for the foreseeable future. This is a journey, not an end-of-July destination.