The general election and a possible change in government

Published 30 May 2024

On the 22nd of May, Rishi Sunak surprised most of the UK by calling a General Election to take place on the 4th of July. Much of the political world thought it would take place in the autumn, but there was a growing sense that this was as good as it would get for the Conservatives.

Bank’s liability for customer fraud
Supreme Court gives its decision

Published 27 May 2024

The Supreme Court has given its eagerly awaited decision in the case of Philipps against Barclays Bank UK PLC. The litigation involved an “authorised push payment” (APP) fraud. In this type of dishonesty, the victim is persuaded to authorise their bank to send a payment to an account controlled by a fraudster.

CCTA comment on new report from Fair4All Finance

Published 23 May 2024

Commenting on Fair4All Finance’s new report “Access to credit & illegal lending”, the CCTA said: We welcome the publication of today’s report, which outlines the current state of access to credit for many and the impact of illegal lending. They are right to point out that the shape of the market is as important as its size.

Treasury Committee looks at the issue of de-banking

Published 20 May 2024

Earlier this month the influential Treasury Select Committee published their report into SME Finance. The Committee contains MPs from across the House of Commons, representing all major parties. The report was commissioned to look at the recent experiences of small businesses.

Out with the old
A review of the Consumer Credit Act

Published 20 May 2024

The Consumer Credit Act of 1974 covers all credit agreements in the UK, from credit cards to personal loans. There are few households across the country that will not hold some form of agreement that falls under it.

Litigation funding
Post-Paccar legislation to be introduced

Published 13 May 2024

The government has recently announced that it will introduce legislation to reverse the Supreme Court decision in PACCAR Inc & Ors v Competition Appeal Tribunal & Ors [2023] UKSC 28.

Navigating the issues
Consumer Duty, forbearance and good outcomes in consumer credit

Published 08 May 2024

WHAT REGULATATIONS HAVE CHANGED FOR CONSUMER CREDIT FIRMS? Making smart financial decisions in an uncertain economic climate can be challenging for some borrowers and in its 2022 to 2025 strategy, the FCA recognised this challenge, stating: “Combined with greater vulnerability among consumers due to the pandemic, this (the rising cost of  living) may drive greater demand for a range of

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.