Navigating the issues
Consumer Duty, forbearance and good outcomes in consumer credit

Published 08 May 2024

WHAT REGULATATIONS HAVE CHANGED FOR CONSUMER CREDIT FIRMS? Making smart financial decisions in an uncertain economic climate can be challenging for some borrowers and in its 2022 to 2025 strategy, the FCA recognised this challenge, stating: “Combined with greater vulnerability among consumers due to the pandemic, this (the rising cost of  living) may drive greater demand for a range of

King V Black Horse Ltd
It’s possible to use a vehicle after rejecting it

Published 29 April 2024

INTRODUCTION There is often a difficult question where consumers under hire purchase or conditional sale agreements continue to use a vehicle after rejecting it.

Do as you would be done by
Debt collection: Regulators address their concerns

Published 22 April 2024

From time to time, I like to pick up on key regulatory matters that affect CCTA members and our sectors. I think we can all agree that there has been a lot going on in Q1 2024, from a regulatory perspective.

Fail to prepare… prepare to fail
FCA review of historical DCAs

Published 15 April 2024

In January 2021, the FCA banned discretionary commission arrangements (DCAs), removing the incentive for brokers to charge customers a higher interest rate for their motor finance.

The burning questions
How identify and handle fraudulent bank statements

Published 08 April 2024

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.

Will Big Tech restrict competition?
Alph L&C give their opinion

Published 08 April 2024

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.

A nurturing atmosphere
COEO UK empowers staff with wellbeing workshop programme

Published 08 April 2024

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.

Back to the drawing board?
Embracing change in a Consumer Duty focussed industry

Published 08 April 2024

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.

DIGITAL LENDING
REVOLUTIONISING FINANCIAL ACCESS AND EFFICIENCY

ARYZA

Published 08 April 2024

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.

Navigating financial difficulty
A comprehensive guide to customer support strategies

Published 08 April 2024

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.

A worthwhile puzzle
Deciphering consumer vulnerability in lending

Published 08 April 2024

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.

Blue sky thinking
The latest innovations in recurring payments for collections

Published 08 April 2024

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.