Members Only

THE IMPORTANCE OF FIELD KNOWLEDGE
DON’T UNDERESTIMATE ‘DOORSTEP’ DATA

PERCH GROUP

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A year ago, my colleague Rob Oxley wrote in a CCTA Magazine article that “a one size fits all approach to consumer debt recovery isn’t effective” but accepted that “a fully tailored approach to each and every customer isn’t possible – or at least not without access to quality data.”

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REFLECTING ON THE CONSUMER DUTY
ONE YEAR ON…

LANTERN

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Lantern discuss their Consumer Duty journey so far and reflect on the last twelve months. The thought process and actions taken regarding their Annual Report are also considered.

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THE IMPORTANCE OF TRUTHFUL ADVERTISING
MARSH FINANCE CONSIDER THE FCA’S STANCE

MARSH FINANCE

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In the ever-evolving world of car finance, staying abreast of regulatory changes is not just advisable; it’s imperative. The FCA recently underscored this necessity by publishing an update on its efforts to curb misleading adverts and financial promotions.

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WORKING HAND IN HAND
THE SUCCESSFUL INTEGRATION OF AI AND HUMAN EXPERTISE

COEO

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Artificial Intelligence (AI) is transforming the collections sector by enhancing operational efficiency and customer interactions. AI can also be used to streamline processes like risk assessment and customer engagement, leading to better outcomes.

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SHINING LIGHT ON AN IMPORTANT CAUSE
TRANSUNION PARTNERS WITH ANDY’S MAN CLUB

TRANSUNION

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TransUnion, a global information and insights company and one of the UK’s leading credit reference agencies, has announced its partnership with Andy’s Man Club, a charity that works to eliminate the stigma around mental health by creating a judgement-free confidential space where men can be open about their challenges.

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REGULATORY CHANGES IN CONSUMER CREDIT
INSIGHTS AND STRATEGIES FOR THE YEAR AHEAD

SQUARE 4

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The last twelve months have been a busy period in the regulation of consumer credit. The FCA has continued to focus on affordable lending, customers in financial difficulty and more recently on the treatment of vulnerable customers. That, coupled with Consumer Duty implementation and embedding, including the production of the first Annual Board Report means there has been no let up for firms.

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INCREASING UNCERTAINTY
CONSUMER-LED LITIGATION: AD ADDITIONAL FORM OF REGULATION?

WALKER MORRIS

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The past ten or so years have seen an explosion in consumer-led litigation. For example, the Supreme Court has considered the following:

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THE BURNING QUESTIONS
HOW TO IDENTIFY AND HANDLE FRAUDULENT BANK STATEMENTS

MARSH FINANCE LTD

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Historically, the automotive finance sector was anchored in face-to-face transactions and physical verifications. However, as digital transitions became more prevalent, the door for cyber fraud and manipulation inadvertently opened wider. The evolution of digital tools has made falsification more sophisticated, with the latest battle surrounding fraudulent bank statement submissions during car finance applications.

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WILL BIG TECH RESTRICT COMPETITION?
ALPH L&C GIVE THEIR OPINION

ALPH L&C

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In October 2022, the FCA launched their Discussion Paper assessing the potential competition impacts of Big Tech entry and expansion in retail financial services (DP 22/5). Various views were invited from stakeholders, culminating in a Call for Input ending in January 2024. Essentially, this call for input wanted to focus on the competition impacts that may arise from Big Tech firms’ data advantages potentially combining with customer financial data sources.

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A NURTURING ATMOSPHERE
COEO UK EMPOWERS STAFF WELLBEING WITH WORKSHOP PROGRAMME

COEO

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In a bid to fortify its internal wellbeing framework, coeo UK has launched its highly anticipated 2024 staff wellbeing workshop programme. This initiative aims to build upon the notable successes achieved in the past twelve months, underscoring the company's commitment to prioritising employee welfare and fostering a supportive workplace culture. Teaming up with former international rugby player turned mental health presenter, Robbie Hunter-Paul, coeo UK kicked off the programme with the inaugural workshop titled 'An Introduction to Wellbeing'. This session marks the beginning of an empowering journey for staff members as they embark on constructing their own wellbeing toolkit. Speaking on the...

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BACK TO THE DRAWING BOARD?
EMBRACING CHANGE IN A CONSUMER DUTY FOCUSED INDUSTRY

LANTERN GROUP

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In recent weeks, the FCA joined forces with UK Regulators Network (UKRN) issuing statements around debt collection activity. This ‘activity’ relates to all forms of communication to customers in arrears, be it from lenders, creditors or their chosen third party outsourcers. At a time when the cost of living crisis is biting hard, this is likely to go hand in hand with the ongoing campaign spearheaded by Martin Lewis, in relation to placing a cap on the number of communications allowed to be sent to a customer in any given week, including reminders and regulatory notices. This is a rule already in...

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DIGITAL LENDING
REVOLUTIONISING FINANCIAL ACCESS AND EFFICIENCY

ARYZA

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In the dynamic landscape of lending, the fusion of technology and financial services is reshaping traditional practices, ushering in an era of digital lending. Historically, the lending sector in the UK has been dominated by traditional financial institutions, however, with the advent of advanced technologies, the industry is experiencing a profound transformation. Today, lending encompasses various categories and forms, ranging from mortgages to personal loans, each catering to diverse borrowing needs and preferences. Amidst this diversity, the shift towards digitalisation and automation is gaining momentum. Financial service providers are actively embracing automated models, propelled by the increasing prevalence of digital interactions,...

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NAVIGATING FINANCIAL DIFFICULTY
A COMPREHENSIVE GUIDE TO CUSTOMER SUPPORT STRATEGIES

SQUARE 4

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In the face of escalating living costs, it's imperative for firms to extend support to customers grappling with financial challenges. The Financial Conduct Authority (FCA) has been proactive in implementing interventions post-pandemic to strengthen frameworks for customer support, aligning with Consumer Duty. Our white paper delves into these dynamics, aiming to aid firms in navigating the complexities of customer collections effectively.

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A WORTHWHILE PUZZLE
DECIPHERING CONSUMER VULNERABILITY IN LENDING

TRANSUNION

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As we continue to navigate the cost of living crisis, credit markets are seeing an ever growing number of vulnerable consumers. This is against a backdrop of the FCA’s Consumer Duty obligations, ensuring good and fair consumer outcomes. As an industry, we recognise that addressing consumer vulnerability is more than a regulatory requirement, it's crucial for the health of both the credit market and consumers. Industry responses need to be about more than just compliance. We must build a financial ecosystem that is accessible, equitable, and resilient - ensuring all consumers, especially the vulnerable, get the care and protection they deserve....

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BLUE SKY THINKING
THE LATEST INNOVATIONS IN RECURRING PAYMENTS FOR COLLECTIONS

ACQUIRED.COM

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In the collection landscape, innovative solutions are continually reshaping the way payments are processed and managed. With the emergence of technologies like Apple Pay Recurring, Open Banking payments, and Direct Debit, Debt Collection Agencies and lenders are streamlining processes and enhancing user experiences like never before. APPLE PAY RECURRING Apple Pay Recurring is just one of the ways borrowers are managing their recurring payments. Leveraging the convenience and security of Apple's ecosystem, customers can use Apple Pay Recurring through gateways such as Acquired.com. Customers sign up for a subscription using Apple Pay and have the recurring payment collected as a normal Continuous...

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MOTOR FINANCE LENDERS UNDER THE SPOTLIGHT?
KEY DEVELOPMENTS IN THE SECTOR

WALKER MORRIS

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Motor finance lenders could be forgiven for feeling under the spotlight from the Financial Ombudsman Service, Claims Management Companies, claimant law firms and the Court. James Dipple-Johnstone, Deputy Chief Ombudsman, said at a conference that they had 9,000 motor commission complaints. There's seemingly no sign of it slowing, so where are we at?

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THE COLLECTION PAYMENT JOURNEY
IMPROVING COLLETION RATE EFFICIENCY

ACQUIRED.COM

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When exploring how to maintain collection rate efficiency, businesses can be overwhelmed with challenges. For many, limited payment options, shifting consumer behaviour, and the economic impact on payment habits are prominent stumbling blocks. Let's explore these difficulties and how Payment Solutions Providers (PSPs) can support businesses in improving collection rates and streamlining the payment journey.

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EMBRACING CONSUMER DUTY AND AUTOMATION
A WIN-WIN FOR FINANCIAL INSTITUTIONS

ARYZA

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Automation has become an integral part of nearly every facet of our lives. One area where automation is making significant strides is in the realm of the Consumer Duty. Automating these responsibilities not only enhances the customer experience but also brings a multitude of benefits to businesses.

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ARTIFICIAL INTELLIGENCE
HOW AI CAN HELP YOUR DEALERSHIP MAKE MORE SALES

MARSH FINANCE LTD

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Artificial intelligence (AI) is set to shake up the car buying process. With AI at your side, get ready to increase sales and improve operational efficiencies across your business.

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PIONEERING THE FUTURE OF LENDING
BALANCING OPPORTUNITY AND RESPONSIBILITY

QUALCO

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Navigating the dynamic consumer credit landscape requires more than just adequate information. It calls for in-depth insights into regulation and innovation, paired with a strong understanding of the consumer and their circumstances.

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THE THREAT OF CONVERSION FRAUD
A PROBLEM FOR THE MOTOR FINANCE SECTOR

AUTO TRADER

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After conducting vehicle provenance checks for the last twelve months, we found over 600,000 vehicles advertised on Auto Trader which already had a live finance agreement. Were your vehicles in that list? Are your assets protected? If your data isn’t on our database you are exposed to greater risk.

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QUICK OFF THE MARK
WHY CONSUMERS NEED SELF-SERVICE WITH A SAFETY NET

ARYZA

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Digitalisation of operations is not a black and white solution, and there will always be a need for human interaction which is crucial for businesses to manage debt and arrears conversations. However, automation of processes can reduce costs, and it can positively enrich the relationship you have with your customers and provide them with more confidence to have a meaningful interaction with your business. Advantages arise on the company's side and on the customer's side.

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FCA CONSUMER DUTY
EMPOWERING CONSUMERS IN DEBT COLLECTION

COEO

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Dealing with debt can be an overwhelming and stressful experience for many people. In December 2020, as we all know, the Financial Conduct Authority (FCA) proposed a new set of rules called the Consumer Duty, with the aim of bolstering consumer protection and promoting responsible practices in debt collection. The new Consumer Duty purpose was created to reshape the relationship between firms and consumers, ensuring fair treatment and empowering consumers to make informed decisions throughout the collections process.

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CONTRACTING FOR CLOUD
WHAT TO LOOK OUT FOR IN A CHANGING REGULATORY ENVIRONMENT

WALKER MORRIS

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Financial services institutions, like many other businesses outside of the sector, continue to rely on cloud-based solutions to drive efficiencies, streamline processes and improve customer experience. This is despite lingering cybersecurity and data privacy concerns that are rooted in the resilience of such tools (and potential consequences if they were to fail).

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TIME FOR CHANGE?
THE BENEFITS OF A FAIR BANKING ACT

FAIR FOR YOU

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The music fan in me is tempted to say that the release of The Clash’s eponymous debut album was the best thing to happen in 1977. But putting my professional hat on, I must note another significant release that year: the Community Reinvestment Act, by the US Congress. A near half-century later, this federal law has inspired a new campaign designed to improve financial inclusion in the UK.

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REVVING UP EFFICIENCY:
UNLOCKING OPERATIONAL SUCCESS FOR CAR FINANCE INTERMEDIARIES

MARSH FINANCE

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The UK car finance industry faces several challenges impacting business performance and profitability. One of the biggest challenges is the increasing competition within the market. With a rising number of companies entering the market, it is becoming increasingly difficult for car finance intermediaries to stand out and attract customers.

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KNOW YOUR PARTNER
TAKING PRIDE IN CLIENT PARTNERSHIPS

LANTERN

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You wouldn’t get married at first sight (unless of course you’re on the reality TV show of the same name), nor would you choose a builder to renovate your house, without first doing research. It’s important you knew about their background, their quality levels, their culture and moral compass – and that they are aligned with yours. They are all the same reasons for choosing a partner to look after your most important asset, your customer

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RECONNECTING WITH CUSTOMERS IN ARREARS
WHY WE NEED A DATA DRIVEN APPROACH

PERCH GROUP

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In the current economic climate, with all of its complexities, a ‘one size fits all’ approach to consumer debt recovery isn’t effective for businesses, their customers and clients. However, a fully tailored approach to each and every customer isn’t possible – or at least not without access to quality data.

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RISING TO THE OCCASION
SUGGESTED STEPS TO MAXIMISE YOUR CCTA MEMBERSHIP

CCTA

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The start of the year was a busy time for CCTA membership, as many of our members came up for renewal during the first few months. I want to thank all of those that have renewed, and also pick up on some ideas about how you can fully utilse your membership. Setting aside a few minutes to periodically carry out the following actions will ensure you get the most from CCTA.

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OPEN BANKING IN ACTION
GREATER FLEXIBILITY AND AUTOMATION TO BENEFIT LENDERS AND PROTECT CONSUMERS

ACQUIRED.COM

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From streamlined collections for lenders to increased financial control and tailored repayment options for borrowers, including open banking payments as part of a customer-centric collections strategy is paving the way for a more inclusive and secure lending ecosystem. But what are the practical applications of open banking in the credit collections process?

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IMPROVING CONSUMER OUTCOMES
WHAT ROLE DOES TECHNOLOGY PLAY?

ARYZA

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Designed to ensure higher and clearer standards for consumer protection, the new Consumer Duty regulation requires firms to take decisive action. Despite the initial consultation finding that many organisations were happy to embrace these changes, it was also acknowledged that extensive programmes of work would be required. In fact, the FCA identified thirty firms that needed to do more, with investigations continuing into forty others.

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FAIR WARNING GIVEN
FCA EXPECTATIONS IN REGARDS TO HANDLING BIFD

THEMIS CONSULTANCY

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It’s been just over three months since the FCA published its report on borrowers in financial difficulty (BiFD) in November 2022. Prior to this report, in June 2022 the FCA published a Dear CEO letter on this very topic, telling more than 3,500 lenders how they expect them to support borrowers who may be struggling due to the rising cost of living, based on the interim project findings.

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ADDING TO THE TOOLBOX
OPTIMISING COLLECTIONS SUCCESS: BENEFITS OF OFFERING MULTIPLE PAYMENT OPTIONS

ACQUIRED.COM

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Fuelled by the pandemic, the consumer finance and lending landscape has changed dramatically in recent years. The demands of today’s tech-literate population are higher than ever, and consumers expect a streamlined end-to-end payment experience. With Direct Debit often used as the default payment method, are lenders missing out on an opportunity to grow their customer base and increase conversion by failing to offer alternative payments methods as part of their collections strategy?

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BRACING FOR IMPACT
ID.VU THOUGHT LEADERSHIP

DATA ON DEMAND

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Data On Demand take a look at the backdrop of the cost-of-living crisis focusing on the changing impact to consumers, what firms can do to help and what their own insights show.

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A LOOK UNDER THE BONNET
AUTOMOTIVE FINANCE

AUTO TRADER

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Auto Trader has been authorised by the FCA, with permissions to be a credit broker, since 2016. In 2017, we launched our dealer finance product and now 74% of our retailer partners offer finance products through our platform. We have also offered valuation pricing insights since 2013 and categorise these into retail, trade, private and part-exchange valuation types.

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BALANCING CREATIVITY AND CLARITY
CREATING ENGAGING CONTENT IN A REGULATED INDUSTRY

GAIN Credit

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For marketers in financial services, their priority must lie with ensuring they are clear and transparent with their audience, following carefully structured regulatory guidelines, which are there to protect consumers. Natalie Gomez, Marketing Manager at GAIN Credit discusses how working in a regulated industry has changed her outlook on her chosen profession.

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STARK CHALLENGES AHEAD
SOCIAL ENTERPRISE LENDER LAUNCHES SECOND SOCIAL IMPACT REPORT

Lendology

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Lendology CIC, working with council partners, is a Social Enterprise Lender providing access to low-cost finance for homeowners who may typically be excluded from mainstream lenders. Their second annual Social Impact Report has been prepared to evidence how their lending translates into tangible improvements to individuals, communities, and councils across the UK.

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BRINGING IT ALL TOGETHER
IMPROVING PERFORMANCE MANAGEMENT

Aryza

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Martijn Groot, Collections Control Specialist at Aryza, discusses how technology can help credit managers in banks and other institutions to drive efficiency and improve performance management processes.

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NAVIGATING A VOLATILE ENVIRONMENT
COEO, COLLECTIONS AND CURRENT CUSTOMER TRENDS

COEO

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Keeping in-line with customer trends is crucial when it comes to collections. When we understand how events, such as the cost-of- living crisis, will likely impact customers, we can prepare and adapt strategies to create better outcomes for all. This article shares a selection of customer trends we’ve uncovered and what to expect next.

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FEELING THE SHOCK
SHARING DATA TO PROTECT VULNERABLE CONSUMERS

VRS

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The potential impact of the cost-of-living crisis has sent out shockwaves, maybe because we are all going to be really hit in the pocket, but have we been limping towards this for years? Have we been unwittingly making people’s situation worse while patting ourselves on the back for talking about vulnerable customers and achieving the right outcomes?

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ATTACK OF THE SLUDGE
EXPLAINING AND AVOIDING SLUDGE PRACTICES

ALPH L&C

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We are sure that by now you are knee deep into the final Consumer Duty and your brain is saturated with new terminology from manufacturers, distributors and Sludge Practices. So, what are Sludge Practices? The FCA defines them as: an excessive friction that hinders consumers from making decisions in their interests, by taking advantage of their behavioural biases. We will set the scene.

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A WHOLE NEW WORLD
HELPING CUSTOMERS WHO AREN’T USED TO NEEDING HELP

Lantern

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We have all talked a lot about the imminent rise in utility bills and the cost-of-living crisis that is happening all around us. We have referred to how we are helping existing customers in arrears, those who have sought advice from debt management companies or who are being managed by specialists like Lantern or Sonex to help identify their vulnerabilities and set them on their way out of problem debt.

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EMPOWERING CONSUMERS
THROUGH THE USE OF CREDIT TECHNOLOGY

Aryza

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For UK consumers, the current economic climate continues to create challenges. As the cost-of-living increase continues to intensify, many are concerned that they will no longer be able to keep up with their regular monthly outgoings. In fact, the Office for Budget Responsibility, predicted that UK household real income in 2022 would contract at the sharpest rate since records began in the 1950s.

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DEAR CEO
ARE YOU DOING ENOUGH?

Themis Consultancy

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A ‘Dear CEO’ letter is fast becoming the choice instrument of communicating with regulated firms. Such letters serve to focus the attention of a firms’ CEO and accountable senior managers on crucial issues for the FCA. On this occasion, the FCA issued a Dear CEO letter on 6th May 2022 to consumer credit firms demanding immediate action to ensure firms’ financial promotions are clear, fair and not misleading.

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NAVIGATING THE MAZE
THE IMPORTANCE OF CREDIT AND THE CONSUMER DUTY

Square 4

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Inflation is biting. Food, petrol and energy bills – the essentials for many are rising at rates not seen for a generation. Many households are struggling and will continue to have to make some difficult choices through these challenging times. The demand for credit is therefore likely to rise, as is the support that existing borrowers are likely to require. As a result, the focus on the consumer credit sector from the FCA will be a key priority.

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A CULTURE OF OPENNESS
MEETING THE CHALLENGE OF THE CONSUMER DUTY

Lantern

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There is quite often an assumption, that as all businesses offering financial services are regulated by the same governing body (the FCA), they’re all delivering the same level of service ... wrong! The need for the new Consumer Duty reflects that whilst there is a basic standard that is required of firms, the bar can, should and has to be raised. The FCA want “firms to be incentivised to compete in the interests of consumers." This is a competition we should all be fighting to win.

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MOVING FROM LIP SERVICE TO ACTION
TREATING VULNERABLE CUSTOMERS FAIRLY

Vulnerability Registration Service

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The media has recently been flooded with government and royal scandals and, while the fuel crisis has received some airtime, the potential impact on millions of households has not received the publicity it merits. The decision of to ‘Eat or Heat’ is a very real threat to many. The negative impact on household expenditure a risk to us all.

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TEETERING ON THE EDGE?
FAIR FOR YOU PARTNERS WITH ICELAND

Fair For You

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As a responsible lender focused on providing ethical credit to those unable to access mainstream credit, Fair for You hears a lot of our customers say that they are teetering on the brink of financial crisis all year round. They live in dread of unexpected bills and out of the ordinary expenses. For many, a free school meal is a crucial part of their children’s diet, often the only hot meal they get. And when the school term ends, so does that, leaving those parents needing to find a way to bridge the financial gap during the holidays and feed their families.

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NURTURING LOYALTY
ARE YOU BUILDING LOYALTY IN YOUR NEW RECRUITS?

TieTa

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Covid has turned our view of the world on its head. Our sense of belonging and connection has changed significantly, our habits and routines have altered, and our appreciation of things has shifted. Businesses discovered that it’s a face-to-face transaction that generates real loyalty, customers connect with people and the impressions they make, their helpfulness, service and attitude. In contrast, the web-based world is as loyal as the service is good. Without the face of a person and someone to connect with, once something goes badly, loyalty is switched off and it's just too easy to go somewhere else.

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WHAT LIES AHEAD?
A VIEW OF POTENTIALLY WORRYING TRENDS

Data on Demand

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Members will no doubt be aware of the continued focus by the FCA on the assessment of consumer vulnerability as part of their ongoing Consumer Duty consultation. They have made it clear that more is expected from lenders with a recent survey highlighting 27.7 million adults in the UK with characteristics of vulnerability such as poor health, low financial resilience or recent negative life events.

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FOREWARNED IS FOREARMED
THE IMPACT OF CONSUMER DUTY AND WHY FIRMS SHOULD ACT NOW

Huntswood

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In May 2021, the Financial Conduct Authority (FCA) published its Consumer Duty Consultation paper, setting out its expectations of firms to provide higher standards of care for their consumers. We commented on this and how long firms had to prepare for changes (CCTA publication July 2021) and we now further explore what firms should be doing, and what we are already seeing in the sector in anticipation of the final policy statement expected later this year.

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WHAT NEXT?
A CLOSER LOOK AT BUY-NOW PAY-LATER

Cashflows

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The payments and financial services sector has changed radically, with shifting consumer and business preferences accelerated by the Covid-19 pandemic. As we move into 2022, I expect to see further innovation and growth, in line with the huge digital shift and prioritisation of personalised consumer experiences that we have seen in 2021. While there is still uncertainty, the payments sector must leverage collective transformation efforts to align with the changing needs of the future customer.

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FRUSTRATION NAVIGATION
PROVIDING A FRICTIONLESS SERVICE TO CUSTOMERS

Lantern

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We all appreciate vulnerable customers in collections require help, but do our systems deliver that? Vulnerable customers, particularly, need to feel like they can contact third parties to discuss their situation without judgment. Let’s face it, it’s often not easy for customers to pluck up the courage to get in touch but, when they do, they really want and need slick, frictionless processes. That’s why having customer centric systems for customers and colleagues to navigate, is critical to a successful customer journey.

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A TOOL FOR EVERY JOB
SUPPORTING CUSTOMERS THROUGH FINANCIAL RECOVERY AND RESTRUCTURING

Aryza

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Having recently announced the rebrand of the Debtsense suite of products, Aryza is working to develop a new range of solutions, to ensure consumers feel supported throughout the financial recovery and financial restructuring journey. Here, Karen Emmett, Head of Consumer Products at Aryza, examines the functionality of the different products within her portfolio and discusses how they’re already proving invaluable to customers.

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NOT OUT OF THE WOODS YET?
DESPITE SUMMER REPRIEVE FROM COVID IMPACT, CONSUMERS FEAR LONGER-TERM FINANCIAL RECOVERY

TransUnion

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With the relaxation of lockdown, alongside hospitality and travel industries re-opening over the summer, consumers are less likely to think the pandemic has impacted their household income, according to recent research from global information and insights provider TransUnion.

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LOOKING CLOSELY
FCA CONSULTS ON CONSUMER DUTY

Huntswood

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In May, the Financial Conduct Authority (FCA) published its Consumer Duty Consultation (CP21/13), with an aim to set higher expectations for the standard of care that firms provide to consumers. These proposals will significantly raise the expectations placed on firms in terms of monitoring and increasing standards to create better customer outcomes. Naturally, responsibility for ‘accountable individuals’ will increase too.

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GOING THE EXTRA MILE
BEST PRACTICES FOR VULNERABLE CUSTOMERS

Lantern

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I recently had the pleasure of hosting a Summit wholly dedicated to Vulnerability. It’s clear that vulnerability is high on the agenda for all of us, particularly with the potential debt tsunami which is threatening to arrive, but are we doing enough? To use a phrase used by one of the speakers at the event, “We need to understand more, care more and do more”.

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IN CHAINS?
BUSINESS DEVELOPMENT SHACKLED BY LIMITED ACCESS TO WORKING CAPITAL

Cashflows

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During the COVID-19 pandemic, 68 percent of small and medium businesses in the UK reported a negative impact on cash flow, and, for any business where success is built on supplying funding to others, having access to working capital is crucial. Without it, finance providers are limited in the levels of business they can underwrite and could find their business development efforts shackled. Losing out on new credit and loan customers because the funding is unavailable is a tough pill to swallow at any time – but especially in the current climate when revenue and new business are hard to come by.

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GUIDING LIGHT
MORTGAGE PRISONERS, WHAT STEPS CAN THE INDUSTRY TAKE TO HELP?

Aptean

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In the UK, borrowers trapped in their current, more expensive mortgage who can’t re-finance for a cheaper loan have been dubbed ‘mortgage prisoners’ in recent years. The pandemic shone a spotlight on their situation. A recent report by the London School of Economics (LSE) found that those in this situation were up to 40% more likely to default on their mortgage payments.

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TREAD GENTLY
SAFEGUARD AND PROTECT: IS THIS WHAT THE FCA REALLY MEAN?

Lantern

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The very clear message from the Financial Conduct Authority (FCA) in their Guidance for firms on the fair treatment of Vulnerable Customers (FG21/1) is that organisations must have good clear strategies for identifying and dealing with vulnerable customers. Customers experiencing financial vulnerability has not just been caused by the pandemic, this isn’t new, however what is new is the unprecedented circumstances we have all had to endure throughout the last year, and it’s not over yet. The economic impact of the pandemic (still not fully known) has brought vulnerability to the forefront of the FCA’s agenda, hence the expedited publication of the new guidance.

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SPACE TO BREATHE
ADAPTING SYSTEMS FOR BREATHING SPACE

Aryza Lending Solutions

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Coming into force on the 4th of May 2021, The Debt Respite Scheme, otherwise known as breathing space, will impact how consumer credit lenders and debt collection agencies interact with individuals struggling to manage their debt. Here, Paul O’Sullivan, Aryza Lending Division CEO, explores what this means for lenders and how new technologies can help minimise disruption and provide greater support for consumers.

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ROAD TO RECOVERY
THE FCA’S COVID ROADMAP AND ACHIEVING THE RIGHT CUSTOMER OUTCOMES

Themis Consultancy

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As we all patiently navigate the four steps of the roadmap out of lockdown, users (and providers) of personal loans, credit cards, store cards, catalogue credit, rent to own, buy now pay later, pawnbroking, motor finance and high-cost short-term credit (HCSTC), will also be on their own, often personal, journeys on the road to recovery.

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WHERE THE HEART IS
THE CENTRE OF CUSTOMER EXPERIENCE

Aptean

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Antony Jagger, Manager, Customer Solutions, Aptean, looks at some of the challenges associated with mobilising customer services teams in the financial services sector, and asks: “is a home working model sustainable in the long term”?

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BRIDGE THE GAP
THE MORTGAGE MARKET NEEDS TO UP ITS AUTOMATION GAME

Equiniti Credit Services

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Richard Carter, Managing Director of Equiniti Credit Services, explores how adopting open technologies can help mortgage providers accelerate their digital transformation, improve customer services and boost their recovery in a post-COVID-19 world.

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SILOED STRANDS
COMPLIANCE AFTER COVID, THE END OF BPU?

ComplyWithMe

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Have you heard of the BPU before? It stands for Business Prevention Unit, and it’s how the compliance function is seen in far too many organisations. I’m a consumer credit compliance consultant, an interim, usually. One of those people who breezes into a firm, changes everything and then goes on to the next contract, leaving someone else to carry on. I specialise in operational compliance, complaints, Quality Assurance (QA), policies, procedures etc. I think of it as Operations Assurance and I’d like to share a few insights with you.

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CLEAR BENEFITS
MAKING THE INVISIBLE, VISIBLE

Experian

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Meet the mainstream financial system, because there is little or no information available on their financial track record.

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A TIDY SHIP
FCA COMPLIANCE

Product Partnerships

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The Financial Conduct Authority (FCA) continues to focus on sales practices in the motor sector, and has highlighted throughout this year the need for those involved in the financing of motor vehicles, to ensure customers can make an informed decision. 

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OPEN BANKING
THREE MYTHS

Credit Kudos

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Open Banking launched in the UK back in January 2018. No one disputes that the initiative opens up a host of valuable opportunities for those operating in the financial services sector. However, well over a year since its launch, many lenders are hesitant to exploit the opportunities that Open Banking presents, often due to false or outdated concerns.

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