FOS consults on charging CMCs

Published 10 June 2024

A general election wasn’t the only announcement we saw in late May. The Financial Ombudsman Service (FOS) also published its next consultation on plans to move forward with charging professional representatives, including Claims Management Companies (CMCs), to access their service. We, along with many CCTA members, responded to the last consultation calling for action to be taken.

The general election and a possible change in government

Published 30 May 2024

On 22 May, Rishi Sunak surprised most of the UK by calling a General Election to take place on 4 July. Much of the political world thought it would take place in the autumn, but there was a growing sense that this was as good as it would get for the Conservatives.

CMC Update (2024-2)

Published 28 May 2024

We have been concerned about the gap between CMCs regulated by the (FCA and legal firms regulated by the Solicitors Regulation Authority (SRA). So, we were pleased to see the SRA publicly warning legal firms to review their behaviour and the need for lawyers to uphold their professional obligations.

Treasury Committee looks at the issue of de-banking

Published 20 May 2024

Earlier this month the influential Treasury Select Committee published their report into SME Finance. The Committee contains MPs from across the House of Commons, representing all major parties. The report was commissioned to look at the recent experiences of small businesses.

Motor finance – May 2024

Published 14 May 2024

Regulatory developments will be with us for the foreseeable future. Our agenda looked at what is happening around commissions, from the questions of disclosure to developments around discretionary commissions.

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.

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.

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.

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.

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.