Changing times
Creating a new CCTA – building on strong foundations

Published 20 July 2021

I am pleased to add my welcome to this edition of our relaunched magazine. I am delighted to write as the new Chief Executive of the Consumer Credit Trade Association. My first step is to thank my predecessor, Greg Stevens, who retired at the close of 2020. As many of you know, he stepped in as Chief Executive back when the CCTA was going through some testing times. Over the years, he brought the organisation back to good health and its prominent position. He has steered the ship, continuing to avoid the reefs and shallows through some difficult times for consumer credit. Over the last few years, he has been working on moving to the next chapter for the CCTA. And I know we will also wish him well with his own personal story as he steps back. CREATING A NEW CCTA It is now no secret that during 2020 we entered into discussions about how this might be the catalyst for a series of changes to the association. Both Greg and I felt that the pandemic was another reason for action, but longer-term trends were already in place before then. There were regulatory pressures across the consumer credit sector—both increased regulation and more uncertainty on critical issues like affordability. We both felt that there were concerns about the lack of understanding of our members’ customers. That a set of regulators educated and trained in bank-lending often found it hard to understand the nature of the financial need and the benefits of the services provided. At the same time, changes to the market were placing pressure on all trade associations. In our discussions, we could see the opportunity to develop a single voice for alternative consumer credit that can engage with key stakeholders – regulators, Government, and other influencers. This was the chance to ensure that the model was fit for the purpose. Leaner and more agile.Our aim was, and is, to develop a natural home for lenders and supporting companies. Always allowing members to decide their level of engagement. Following positive talks, made more difficult because of Covid-19, the directors came to their decision. Taking up my role on the 1st January, I had my first opportunity to introduce myself to you at our CCTA Spring Summit just a few weeks ago. If you did hear that presentation, then much of what I say in this article will be familiar. Much has changed over the years, but the association’s mission remains close to what it has always been. ADVOCACY One thing that has not changed from the times of our foundation is the need to work together. There has never been a more critical time for strong advocacy. We recognise that we need to have allies and good relationships for us to be effective. Sometimes our role as an association is to explain what our part is in terms of society. This is why you will hear us talking about our vision of a well-regulated market, providing responsible credit …

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