In the picture
Know your customers circumstances

Published 22 July 2021

The fair treatment of vulnerable customers is a key issue for the financial services industry. The coronavirus pandemic has moved customer vulnerability further up the priority list with the Financial Conduct Authority’s guidance in the UK bringing some welcome clarity and structure to a foggy issue.

Undisclosed commission
A source of relief?

Published 22 July 2021

The failure by a broker to disclose to a borrower that the lender will be paying commission to the broker can in certain circumstances enable the borrower to unwind the loan, without having to pay interest and the lender having to pay the commission to the broker.

Please mind the gap
Broker oversight

Published 22 July 2021

Lenders’ being subject to regulatory obligations for oversighting their credit brokers are nothing new – the OFT “Credit brokers and intermediaries guidance” in 2011 set out the expectation for lenders to take responsibility for the actions or omissions of their brokers and take reasonable steps to satisfy themselves that business associates (including brokers) weren’t engaging in unfair business practices or

Hoops and hurdles
Update for creditors

Published 22 July 2021

Over the last two years we have seen the government make a huge shift towards helping debtors manage their finances and their mental wellbeing.  While this is fantastic for debtors, creditors are forced to jump through more hoops and over more hurdles to bring the cash in.

Looking closely
FCA consults on Consumer Duty

Published 22 July 2021

In May, the Financial Conduct Authority (FCA) published its Consumer Duty Consultation (CP21/13), with an aim to set higher expectations for the standard of care that firms provide to consumers. These proposals will significantly raise the expectations placed on firms in terms of monitoring and increasing standards to create better customer outcomes. Naturally, responsibility for ‘accountable individuals’ will increase too.

Going the extra mile
Best practice for vulnerable customers

Published 22 July 2021

I recently had the pleasure of hosting a Summit wholly dedicated to Vulnerability.

In chains?
Business development shackled by limited access to working capital

Published 22 July 2021

During the COVID-19 pandemic, 68 percent of small and medium businesses in the UK reported a negative impact on cash flow, and, for any business where success is built on supplying funding to others, having access to working capital is crucial.

Dangerous waters
Hunting the loan sharks

Published 22 July 2021

The England Illegal Money Lending Team (IMLT) are a specialist unit that investigate cases, prosecutes illegal lenders and provides support for borrowers in need of assistance.

Building blocks
Covid-19 economic recovery and CCJ data

Published 21 July 2021

Registry Trust maintains the Register of Judgments, Orders, and Fines for the UK and Ireland. We hold historical and ‘live’ data on monetary County Court Judgments (CCJs), which provides a picture of indebtedness and creditworthiness at a national and regional level and can be used to inform responsible lending and borrowing, policy making, and business decisions.

Bounce back?
Household financial crunch continues

Published 21 July 2021

Evidence continues to emerge demonstrating the scale of the crunch on household finances and its likely consequences. The March Budget brought welcome news of extended supports and measures, now lasting until September 2021, which will assist household’s finances as the UK moves onwards from a deeply challenging year.

Guiding light
Mortgage prisoners – what steps can the industry take to help?

Published 21 July 2021

In the UK, borrowers trapped in their current, more expensive mortgage who can’t re-finance for a cheaper loan have been dubbed ‘mortgage prisoners’ in recent years. The pandemic shone a spotlight on their situation.

Tread gently
Safeguard and protect – Is this what the FCA really mean?

Published 21 July 2021

The very clear message from the Financial Conduct Authority (FCA) in their Guidance for firms on the fair treatment of Vulnerable Customers (FG21/1) is that organisations must have good clear strategies for identifying and dealing with vulnerable customers.