Restoring stability
Using data and insights to support vulnerable customers in the cost-of-living crisis

Published 08 March 2023

Consumers in the UK are facing increasing financial pressure amidst the rising cost of living. Inflation hit 10.1% in the twelve months to January 2022, whilst the Bank of England raising base rates to 4.0% has significantly increased the cost of borrowing money.

Joining the dots
Considering the price and value outcome

Published 07 March 2023

The price and value of regulated financial services products has long been in the FCA’s spotlight. The Consumer Duty is strengthening the FCA’s focus in this area. While the FCA already has powers to regulate certain aspects of pricing for financial products and services, its primary focus has been around consumer protection and market integrity.

Grasping the nettle
Identifying and supporting vulnerable customers

Published 06 March 2023

Vulnerability Registration Service (VRS) produced our Vulnerable Customer Exclusion report at the end of last year and it showed some frightening but not surprising statistics.

Breaking the silence
It’s time to talk about illegal lending

Published 10 October 2022

Illegal money lending has a devastating, traumatic and long-lasting impact on victims, families and wider communities. This is driven by the predatory behaviour of loan sharks, which involves significant levels of harassment, intimidation and violence. Ruthless loan sharks exploit people in desperate need of quick cash.

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.