CCTA Response to FOS feedback statement on its consultation on temporary changes to reporting the outcomes of proactively settled complaints

Published 02 November 2021

“Unfortunately, the FOS has missed out on an opportunity to deal with the backlog of complaints it faces”. “At such an early stage, where the decision still rests with the customer, ask the lender to take one more look.

Is the cost of living on the increase?

Published 25 October 2021

We are being told that there is a rise in the ‘cost of living’ but what does this mean? Simply that the necessary costs we all face are going up, but what is driving this rise now? September saw a slight drop in inflation, but economists predict this is likely to only be a temporary dip before the rate continues

CCTA comment on HM Treasury consultation on the regulation of BNPL

Published 21 October 2021

CCTA commenting on HM Treasury consultation on the regulation of BNPL said: “The consultation on BNPL is welcome, but it highlights that the current regulation of consumer credit is complex and unwieldy. These products should already be regulated by the FCA, but the system takes too long to change.

Burning questions
An introduction to the Financial Ombudsman Service

Published 14 October 2021

Who are you? We were set up by Parliament in 2001 under the Financial Services and Markets Act (FSMA) as a free and informal alternative to the courts to resolve complaints between financial businesses and their customers. As well as FSMA, we follow the FCA’s Dispute Resolution (DISP) rules.

What lies ahead?
Looking to the future of consumer lending

Published 14 October 2021

Autumn is a time for discussion, and this year the impact of Covid-19 is on the agenda. One of the traditions of Autumn in the trade association world is that it is time to hold business events. We had our own Autumn Summit, while others are running workshops, conferences and roundtables. Many have returned to physical events, others remain virtual.

Murky waters
When is a complaint not a complaint?

Published 14 October 2021

When is a complaint, not a complaint? It’s a difficult area, with a number of different nuances, as shown in the recent case of Davis v Lloyds Bank PLC. This case is the first that the Court of Appeal had to consider on whether or not a dispute resolution (DISP) complaint has been made.

The full measure
Evidencing good customer outcomes

Published 14 October 2021

In its latest drive to support customers in vulnerable circumstances, the Financial Conduct Authority (FCA) wants firms to be able to evidence that vulnerable consumers experience outcomes as good as those for other consumers.

Watching with interest
No interest loans: Workable in reality?

Published 14 October 2021

For years there has been a policy debate about how best to support individuals that cannot afford to borrow from commercial businesses. There will always be a group of people that are considered too risky for commercial businesses to lend to, and the welfare system is designed to support this group.

A slow fuse
Informal borrowing – a time bomb in the making?

Published 14 October 2021

Can the harm of financial exclusion ever outweigh the benefits of increased consumer protection? The short answer is: yes. There is no question that regulated lending standards have been raised under the FCA for the benefit of consumers.

Diversity and inclusion
A regulatory issue

Published 14 October 2021

Diversity is by its nature diverse. When the Financial Conduct Authority (FCA) talks about diversity in financial services firms, it is referring to a broad range of backgrounds and characteristics which apply to a firms’ work force and leadership, as well as the customers it serves.

Upsetting the apple cart
Debt deferment – CCA/FSMA implications

Published 14 October 2021

DEBT DEFERMENT: CCA/FSMA IMPLICATIONS The Court of Appeal in CFL Finance v Laser Trust (2021) decided that the Consumer Credit Act 1974 (“CCA”) can apply to a settlement agreement, where payment of a debt by an “individual” is deferred, even if the CCA did not apply to the debt prior to the settlement, as in this case, where a loan

Settling the meaning of credit
CFL Finance Ltd V Gertner

Published 14 October 2021

The Consumer Credit Act 1974 (CCA) defines “credit” as “a cash loan, and any other form of financial accommodation”.