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).

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.

Regulatory News:
14 May 2025

Published 14 May 2025

This week, the FCA published their quarterly whistleblowing data for 2025 Q1 as well as data on the appointed representatives population and financial services activity. The regulator also announced that David Geale has been appointed Executive Director for Payments and Digital Finance.

The FCA’s new five-year strategy and what it might mean for alternative credit

Published 01 May 2025

Earlier in the spring, the FCA launched its new five-year strategy that will run until 2030. The aim is to deepen trust, rebalance risk, support growth and improve lives. The regulator has outlined four main themes for its future areas of work as part of the strategy which can be seen below: Be a smarter regulator – predictable, purposeful and proportionate.

Navigating IVA portfolio management
Challenges and opportunities for lenders

Published 27 April 2025

In today’s consumer finance landscape, lenders are grappling with increased regulatory demands, the need for fair consumer outcomes, and the pressure to maximise returns on Individual Voluntary Arrangements (IVAs). While IVAs offer a structured pathway for consumers to manage their debts, they also present lenders with complex challenges.

Ferrari now accepting Bitcoin
Could this change the car buying experience?

Published 27 April 2025

Ferrari recently announced the extension of its cryptocurrency payments to European dealers. They initially introduced cryptocurrency as a payment method exclusively in the United States. The positive reception to this initiative has led them to expand cryptocurrency acceptance to European markets.

Key considerations
Enhancing outcomes for vulnerable customers

Published 17 April 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. Many firms that we engage with believe their training, processes, and support tools are well-designed to mitigate the risk of harm to vulnerable customers.

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

Published 17 April 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.

Firing on all cylinders
Embrace open banking for operational efficiency

Published 17 April 2025

For many lenders, the affordability assessment process is still weighed down by long application forms and manual reviews from underwriters, leading to long processing times. Brandon Wallace, Product Manager at Bud, explains how enriched transaction data can help lenders to cut costs and scale efficiently, in addition to increasing approval rates and reducing risk.

Technology and ethics
Delivering financial stability in a rising tide of unsecured debt

Published 17 April 2025

Unsecured debt in the UK reached an average of £4,287 per adult in 2024, marking a troubling trend as household debt has steadily risen over the past two decades. With household debt now exceeding £2 trillion, its impact extends beyond finances, deeply entwining with mental health challenges. Over 1.