Technology – the pace of change is rapid

Published 07 May 2024

Developments in technology have been back in the news in recent weeks. Open Banking, the use of data and AI have all received mentions. Though they offer exciting possibilities, these new developments need to be balanced with the appropriate checks. We are all aware of the potential unintended consequences and the lag that can occur between innovation and necessary regulation.

King V Black Horse Ltd
It’s possible to use a vehicle after rejecting it

Published 29 April 2024

INTRODUCTION There is often a difficult question where consumers under hire purchase or conditional sale agreements continue to use a vehicle after rejecting it.

Do as you would be done by
Debt collection: Regulators address their concerns

Published 22 April 2024

From time to time, I like to pick up on key regulatory matters that affect CCTA members and our sectors. I think we can all agree that there has been a lot going on in Q1 2024, from a regulatory perspective.

FCA publishes Financial Lives Survey 2024

Published 15 April 2024

Last week the FCA published the findings of its Financial Lives Survey on the cost of living, conducted this January. The FCA uses the survey to explore the finances of UK consumers and how they would assess their own situation. The survey was carried out between December 2023 and January 2024, with under 3,500 respondents. The regulator reported that 7.

Fail to prepare… prepare to fail
FCA review of historical DCAs

Published 15 April 2024

In January 2021, the FCA banned discretionary commission arrangements (DCAs), removing the incentive for brokers to charge customers a higher interest rate for their motor finance.

FOS Annual Plans and Budget published

Published 08 April 2024

Last week, the Financial Ombudsman Service (FOS) published its final Plans and Budget for the forthcoming financial year, following a consultation that closed in January. This process takes place annually and allows for firms to feedback on plans the Ombudsman around the complaints process, and how the FOS intends to improve it.

The burning questions
How identify and handle fraudulent bank statements

Published 08 April 2024

Historically, the automotive finance sector was anchored in face-to-face transactions and physical verifications. However, as digital transitions became more prevalent, the door for cyber fraud and manipulation inadvertently opened wider. The evolution of digital tools has made falsification more sophisticated, with the latest battle surrounding fraudulent bank statement submissions during car finance applications.

Will Big Tech restrict competition?
Alph L&C give their opinion

Published 08 April 2024

In October 2022, the FCA launched their Discussion Paper assessing the potential competition impacts of Big Tech entry and expansion in retail financial services (DP 22/5). Various views were invited from stakeholders, culminating in a Call for Input ending in January 2024.

A nurturing atmosphere
COEO UK empowers staff with wellbeing workshop programme

Published 08 April 2024

In a bid to fortify its internal wellbeing framework, coeo UK has launched its highly anticipated 2024 staff wellbeing workshop programme. This initiative aims to build upon the notable successes achieved in the past twelve months, underscoring the company’s commitment to prioritising employee welfare and fostering a supportive workplace culture.

Back to the drawing board?
Embracing change in a Consumer Duty focussed industry

Published 08 April 2024

In recent weeks, the FCA joined forces with UK Regulators Network (UKRN) issuing statements around debt collection activity. This ‘activity’ relates to all forms of communication to customers in arrears, be it from lenders, creditors or their chosen third party outsourcers.

DIGITAL LENDING
REVOLUTIONISING FINANCIAL ACCESS AND EFFICIENCY

ARYZA

Published 08 April 2024

In the dynamic landscape of lending, the fusion of technology and financial services is reshaping traditional practices, ushering in an era of digital lending. Historically, the lending sector in the UK has been dominated by traditional financial institutions, however, with the advent of advanced technologies, the industry is experiencing a profound transformation.

Navigating financial difficulty
A comprehensive guide to customer support strategies

Published 08 April 2024

In the face of escalating living costs, it’s imperative for firms to extend support to customers grappling with financial challenges. The Financial Conduct Authority (FCA) has been proactive in implementing interventions post-pandemic to strengthen frameworks for customer support, aligning with Consumer Duty.