Changing track
What the new government means for the industry

Published 10 October 2022

Following Boris Johnson’s somewhat forced resignation in July, a new leadership contest for the Conservative party took place over the summer. Due to the current political system and the ways in which leaders are elected, this inevitably meant a change of Prime Minster and a new Government. Liz Truss MP, winner of the leadership contest became Prime Minister shortly after.

The full picture
Increasing visibility of useful customer data

Published 10 October 2022

It’s those two words again, isn’t it? Consumer Duty. Such innocuous sounding words, and ones that should feel like the natural thing to do for so many organisations and companies out there. But what do those words actually mean, and, crucially, how are they being interpreted? The premise is simple enough.

Up in the air
When is it appropriate to lend to those with CCJs?

Published 10 October 2022

Earlier in the magazine we asked Lex Jones of the Registry Trust to talk a little more about the importance of the work that they do on county court judgments (CCJs). The CCTA is a strong supporter of their Get Satisfaction campaign to ensure that the judgments are kept up to date.

Building a framework
Evidencing outcomes in a Consumer Duty world

Published 10 October 2022

The FCA’s new Consumer Duty is a vital aspect of the current regulatory regime. This is a significant regulatory intervention aimed at raising standards.

Path to success
An update on membership services

Published 10 October 2022

In the last edition of our magazine, I spoke about some exciting plans to further develop our services as a trade association. This edition presents a good opportunity for me to update our members, both long-standing and those that have joined us recently, on those plans.

Trimming the fat
Reform of the Consumer Credit Act

Published 10 October 2022

This year marks what could be a major revolution in UK consumer credit law, with HM Treasury (HMT) in June announcing planned reforms to the Consumer Credit Act (CCA). The CCA regulates all credit cards, personal loans and retail asset finance.

For consideration
Review of Scottish judgment (diligence) enforcement

Published 10 October 2022

The Scottish Government’s ministerial forward to Scotland’s stage two diligence review cites a number of factors for its necessity including the pandemic and cost-of-living crisis. Those with problem debt, including those with mental health issues, need greater support. There are also helpful suggestions to make some of the current enforcement options more effective for creditors.

A bumpy flight?
Legally represented claims: The perils of paying direct

Published 10 October 2022

Iain Campbell explains the unwelcome implications of a recent decision in the UK supreme court. INTRODUCTION A firm receives a claim from its customer, represented by solicitors. The claim seems justified. The firm decides to pay it. The solicitors tell the firm to send them the compensation. The firm sends the compensation directly to the customer.

Laying the groundwork
The path to the Consumer Duty

Published 10 October 2022

In its 2022 – 2025 strategy paper, the FCA stated that “by acting earlier and more assertively we will prevent harm and intervene before problems become systemic”. Consumer protection is at the heart of this and the FCA’s increasingly assertive supervisory approach is likely to put significant pressure on retail lenders and other firms operating in the consumer credit sector.

Balancing creativity and clarity
Creating engaging content in a regulated industry

Published 10 October 2022

The role of a marketing professional requires creativity and innovation. In fact, one of the sacred rules of brainstorming is that ‘no idea is a bad idea’. However, for those working in highly regulated industries this can often be far from the truth.

Stark challenges ahead
Social enterprise lender launches second social impact report

Published 10 October 2022

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.

Bringing it all together
Improving performance management

Published 10 October 2022

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. With many consumers cutting back on everything but the essentials and businesses grappling with lower consumer spending, alongside rising costs, the number defaulting on their pre-agreed payment arrangement is only set to increase.