FCA Consumer Duty
Empowering consumers in debt collection

Published 18 July 2023

Dealing with debt can be an overwhelming and stressful experience for many people. In December 2020, as we all know, the Financial Conduct Authority (FCA) proposed a new set of rules called the Consumer Duty, with the aim of bolstering consumer protection and promoting responsible practices in debt collection.

Contracting for cloud
What to consider in a changing regulatory environrment

Published 18 July 2023

Financial services institutions, like many other businesses outside of the sector, continue to rely on cloud-based solutions to drive efficiencies, streamline processes and improve customer experience. This is despite lingering cybersecurity and data privacy concerns that are rooted in the resilience of such tools (and potential consequences if they were to fail).

Time for change?
The benefits of a Fair Banking Act

Published 18 July 2023

The music fan in me is tempted to say that the release of The Clash’s eponymous debut album was the best thing to happen in 1977. But putting my professional hat on, I must note another significant release that year: the Community Reinvestment Act, by the US Congress.

Revving up efficiency
unlocking operational success for car finance intermediaries

Published 18 July 2023

The UK car finance industry faces several challenges impacting business performance and profitability. One of the biggest challenges is the increasing competition within the market. With a rising number of companies entering the market, it is becoming increasingly difficult for car finance intermediaries to stand out and attract customers. Another challenge is the rising cost of borrowing.

Know your partner
Taking pride in client partnerships

Published 18 July 2023

You wouldn’t get married at first sight (unless of course you’re on the reality TV show of the same name), nor would you choose a builder to renovate your house, without first doing research. It’s important you knew about their background, their quality levels, their culture and moral compass – and that they are aligned with yours.

Reconnecting with customers in arrears
Why we need a data driven approach

Published 18 July 2023

In the current economic climate, with all of its complexities, a ‘one size fits all’ approach to consumer debt recovery isn’t effective for businesses, their customers and clients. However, a fully tailored approach to each and every customer isn’t possible – or at least not without access to quality data.

News from Scotland
Some new changes and some tidying up of the old

Published 18 July 2023

The Bankruptcy and Diligence (Scotland) Bill introduces a number of measures which modify current diligence (judgment enforcement) measures, to either improve them or clarify some of their provisions. However, perhaps of greatest impact to the credit industry will be the introduction of a mental health moratorium on debt recovery action should an individual have a mental illness.

Co-manufacturing – Consumer Duty
Co-manufacturing under the Consumer Duty

Published 18 July 2023

In this article we provide an overview of co-manufacturing under Consumer Duty and some of the primary considerations for consumer credit firms.

Brach of contract
What is a material breach?

Published 18 July 2023

Whether a breach of contract is ‘material’ (or ‘substantial’ – in this context, the terms are generally interchangeable) can be difficult to ascertain. But the answer can have a major impact on the consequences flowing from such a breach. The issue crops up often in commercial disputes.

Keeping up with the times
The impending review of the Consumer Credit Act

Published 18 July 2023

“Modernise, modernise, modernise!” seems to be the Government agenda for reform of the Consumer Credit Act 1974 (CCA). It is widely agreed that the existing regime is outdated, complex and restrictive for both lenders and consumers alike and reform is needed to bring in legislation that is forward thinking and in line with the operation of today’s financial services market.

Rising to the occasion
Steps to maximise your membership

Published 18 July 2023

The start of the year was a busy time for CCTA membership, as many of our members came up for renewal during the first few months. I want to thank all of those that have renewed, and also pick up on some ideas about how you can fully utilse your membership.

The moving parts
A political review

Published 18 July 2023

The summer parliamentary recess is a good moment to appraise where we are in national politics and consider what might be in store for CCTA members in the second half of the year. It has been a tumultuous six months for the Prime Minister.