Moving with the times: The future of responsible lending in a digital-first world

Published 23 May 2025

As the financial services industry transitions to a digital-first world, responsible lending must evolve to meet new expectations for fairness, transparency, and customer-centricity. Digital transformation is reshaping how lenders engage with customers and manage their portfolios, enabling more effective, data-driven lending practices that enhance both the lending and collections processes, promoting better customer outcomes while upholding financial responsibility.

Enhancing outcomes for vulnerable customers: Key considerations

Published 23 May 2025

As firms continue to assess the findings from the FCA’s review of the fair treatment of customers in vulnerable circumstances, we explore a critical challenge many firms face: effectively monitoring outcomes for vulnerable customers.

Vigilance Conference: CCTA publish event write-up

Published 23 May 2025

At the end of March we held our Vigilance Conference in central London. Delegates attended from across the CCTA membership including lenders of various sizes, brokers and associates. Addleshaw Goddard kindly hosted the event at their London offices.

Consumer Duty board reports: Top tips from Auxillias

Published 22 May 2025

Last summer we helped several clients with their Consumer Duty board reports (required under PRIN 2A.8). Since the creation of the first suite of reports, the FCA has reviewed a sample and published findings, highlighting good practices and areas for improvement. We have set out six top tips based on the FCA’s output and our own observations.

A long road ahead: Actions firms can take following the Supreme Court hearing

Published 22 May 2025

The FCA’s review into discretionary commission arrangements, together with the outcome of the Supreme Court’s review of a landmark Court of Appeal ruling regarding motor finance commissions could have widespread consequences for the motor finance sector.

Supporting vulnerable customers: FCA review highlights

Published 22 May 2025

On 7 March, the FCA published their findings into a review of firms’ treatment of customers in vulnerable circumstances, including their consumer research and examples of good and poor practices. It is clear that vulnerable customers remain a top priority for the regulator, and rightly so. They should be a priority for firms too.

The rise of alternative data: Enabling financial inclusion and catalysing growth

Published 22 May 2025

The landscape of consumer lending is undergoing a significant transformation. Traditionally, lenders have relied on credit scores and historical financial data to assess a borrower’s creditworthiness. However, as financial behaviours evolve and the limitations of conventional credit assessments become apparent, the role of alternative data in lending decisions is gaining prominence.

Cultivating relationships: Introducing your new Membership Manager

Published 22 May 2025

I’m delighted to introduce myself as the new Membership Manager at the Consumer Credit Trade Association (CCTA). It’s an exciting time to join the organisation, and I’m eager to connect with all of you – our valued members – to ensure that you receive the best possible support, insights, and services that CCTA has to offer.

Fraud: A growing threat to the credit industry, customers and communities

Published 21 May 2025

Fraud is more widespread than ever, causing significant harm to businesses, individuals, and communities. It erodes trust in the digital economy, hampers economic growth, and destabilises vulnerable economies worldwide. As criminals adapt and evolve, the impact extends far beyond financial losses, threatening the integrity of financial systems and consumer confidence.

Ensuring our voices are heard: Jason Wassell on credit information reform

Published 21 May 2025

Over the past year, I’ve represented the Consumer Credit Trade Association on the Industry Working Group (IWG) tasked with developing proposals for a new Credit Reporting Governance Body (CRGB). It is an important and potentially far-reaching piece of work that could change the way credit data is overseen in the UK—and it’s vital that smaller and specialist lenders are not just consulted but properly considered in how the new regime is shaped.

Regulatory News:
21 May 2025

Published 21 May 2025

This week, HM Treasury set out the government’s proposal to reform the Consumer Credit Act. They also published its consultation response regarding the regulation of Buy-now Pay-later. The FCA published it Financial Lives 2024 Survey and also reflected on its recent Open Finance Sprint.

Trapped in a cycle of misery: The reality of loan shark debt

Published 20 May 2025

Loan shark debt can devastate individuals and families, affecting vulnerable members of society and leading to life-altering consequences. Behind the scenes, the England Illegal Money Lending Team (IMLT) continues to fight this criminality, ensuring illegal lenders face justice and providing essential support to victims. Research from the IMLT highlights the alarming statistics surrounding loan shark debt. The findings underscore the challenges faced by borrowers and the urgent need for support and intervention.