The importance of field knowledge
Don’t underestimate ‘doorstep data’

Published 16 September 2024

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.” In 2024, there’s no doubt that customer data is king.

FCA keeps a firm grip on the oversight of Appointed Representatives

Published 12 September 2024

Last week the FCA published the findings of its review of how principal firms are meeting its enhanced appointed representative rules, introduced in December 2022. As a reminder, an appointed representative (AR) is a firm that undertakes regulated activities and acts as an agent for a firm directly authorised by the FCA.

Please do not ask for credit…
The need for a functioning credit market for all

Published 11 September 2024

Credit is an emotive subject, especially when it is used by lower income households. When used in the wrong way, credit can lead to bad outcomes. It should not be a substitute for better wages and social security benefits. It can be harmful and lead to problem debt, court action and increased anxiety and misery.

Reflecting on the Consumer Duty
One year on…

Published 09 September 2024

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.

End of a chapter?
Considering wind-down plans

Published 04 September 2024

The FCA’s focus on the content and quality of wind-down plans (WDPs) continues, most recently with the regulator creating a new webpage in March 2024 advising firms how to prepare effective WDPs.

The importance of truthful advertising
Marsh Finance consider the FCA’s stance

Published 02 September 2024

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.

Weathering the storm
Challenges and innovations in UK lending

Published 28 August 2024

The UK continues to grapple with economic challenges, including a cost-of-living squeeze compounded by various factors. While recent months have seen falling inflation figures, particularly in food prices, other pressures persist.

Working hand in hand
The successful integration of AI and human expertise

Published 26 August 2024

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. It also supports agent development by automating repetitive tasks and complementing human expertise.

Staying out of hot water
The FCA’s continued focus on financial promotions

Published 21 August 2024

There can be no doubt that the Financial Conduct Authority (FCA) sees financial promotions as a potential high-risk area for consumer harm. They are the proverbial ‘front shop’: the way in which customers become aware of different ways to finance a product. The FCA is already starting to flex its muscles on financial promotions.

Shining light on an important cause
TransUnion partners with Andy’s Man Club

Published 19 August 2024

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.

Forward thinking
Improving customer outcomes through open banking transaction data

Published 14 August 2024

Brandon Wallace, Product Manager at transaction data intelligence specialist Bud, explains why he believes forward-thinking lenders should use transaction data to improve outcomes throughout the lending lifecycle. Access to credit isn’t just about borrowing money – it’s about empowering people to manage their finances and navigate life’s ups and downs with confidence.

Regulatory changes in consumer credit
Insights and strategies for the year ahead

Published 12 August 2024

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.