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.

Navigating a volatile environment
COEO, collections and current consumer trends

Published 10 October 2022

Keeping in-line with customer trends is crucial when it comes to collections. When we understand how events, such as the cost-of- living crisis, will likely impact customers, we can prepare and adapt strategies to create better outcomes for all. This article shares a selection of customer trends we’ve uncovered and what to expect next.

Feeling the shock
Sharing data to protect vulnerable consumers

Published 10 October 2022

The potential impact of the cost-of-living crisis has sent out shockwaves, maybe because we are all going to be really hit in the pocket, but have we been limping towards this for years? Have we been unwittingly making people’s situation worse while patting ourselves on the back for talking about vulnerable customers and achieving the right outcomes? There is no

Attack of the sludge
Explaining and avoiding sludge practices

Published 10 October 2022

We are sure that by now you are knee deep into the final Consumer Duty and your brain is saturated with new terminology from manufacturers, distributors and Sludge Practices. So, what are Sludge Practices? The FCA defines them as: an excessive friction that hinders consumers from making decisions in their interests, by taking advantage of their behavioural biases.

A whole new world
Helping customers who aren’t used to needing help

Published 10 October 2022

We have all talked a lot about the imminent rise in utility bills and the cost-of-living crisis that is happening all around us.

Right help, right time
Connecting customers with debt advice

Published 10 October 2022

Whether it is having that difficult conversation you have been dreading or visiting the dentist the first time you get a tooth ache, addressing a problem earlier tends to lead to a better outcome with most things in life. We feel better once we have just done it, and invariably the outcome is better than our worst fears.

Crunching numbers
Pre-emptive planning for the crisis ahead

Published 21 June 2022

I’ve written quite a lot recently about the cost of living crisis and how it’s set to impact consumers in general. It was also a common theme running across all the great sessions at the recent CCTA event, so I thought I’d cover some of the work we’re doing at Lantern to help our three million plus customers.

The driving factor
A new direction for consumer credit

Published 21 June 2022

Dear Chief Technology Officer, Did you see what I did there? Have I got your attention? This is not a letter from a regulator, but it is a call to arms and, perhaps, offers regulation of a different kind. Some Chief Technology Officers (CTOs) reading this may truly feel they work in innovative industries.

Rising to the occasion
A summary of development plans for CCTA

Published 20 June 2022

Hello to all our members and associates. I hope you are enjoying the latest edition of CCTA Magazine. As many of you will know, I am the new Head of Policy and Advice at the CCTA. I had the pleasure of meeting many of our members and associates for the first time during our annual conference in Liverpool in April.