CCTA comment on CSJ report on tackling illegal money lending in England

Published 21 March 2022

We welcome this new report and this study into the scale of illegal money lending. Even before the current cost of living crisis, we have talked about the increasing problem of loan sharks and the real pain they cause to families across the UK. It is now estimated that over one million people are relying on illegal lenders.

THE fraud epidemic
Booming levels of identity fraud

Published 09 February 2022

Fraud in the UK has reached epidemic levels. It’s estimated that there were 3.8 million fraud offences in England and Wales in the year ending June 2019, the scale of which was experienced by Cifas members.

Solving the puzzle
Bringing all the pieces together

Published 09 February 2022

As 2022 gets properly gets underway, I am celebrating my first year completed in the role of Chief Executive of the CCTA. It has been an unusual year with the pandemic, but I am pleased to say that the numbers have remained strong, and we have managed to introduce a series of changes.

Year of the squeeze
Increasing strain on household incomes

Published 09 February 2022

Owing to the strains anticipated on households this coming year, 2022 has been named “the Year of the Squeeze” by the Resolution Foundation (an independent think-tank focused on improving living standards for those on low to middle incomes).

The odd one out
What’s being said on Buy-Now Pay-Later

Published 09 February 2022

The Treasury’s consultation on Buy-Now Pay-Later (BNPL) has recently closed. This consultation sought opinions about the Treasury’s plans to bring the product into regulation, following the findings from the Woolard Review, which highlighted the risk of consumer detriment. It included different policy options on how best to achieve ‘a proportionate approach to regulation of BNPL’.

The vision
Helping everyone achieve financial welllbeing

Published 09 February 2022

Wellbeing has long been a focus for many organisations in the financial sector. Wellbeing hubs can offer employees and customers a wide range of helpful support and services from exercise and nutrition to sleep and mental wellbeing. Often though, organisations have not given as much consideration to a critical piece of the jigsaw, Financial Wellbeing.

Inhibition
It’s done differently in Scotland

Published 09 February 2022

In the context of debt recovery litigation, the obtaining of a decree (judgment) should not be an end in itself and this is particularly true in relation to volume debt recovery litigation.

A landmark judgment
Lloyd V Google LLC

Published 09 February 2022

BACKGROUND The dispute involved former director of consumer watchdog ‘Which?’, Mr Lloyd against Google LLC alleging breach of duties as data controller under the Data Protection Act 1998 (DPA). Mr Lloyd alleged that Google had been secretly tracking online activity of millions of iPhone users and had used the data for commercial purposes without the users’ knowledge/consent.

Significant challenges ahead
Review of the pre-action protocols

Published 09 February 2022

The start of 2022 sees the continuation of the Civil Justice Council review of the pre-action protocols (PAP), which may result in changes to the process. While some would be welcomed, others may present significant challenges to the debt collections industry.

Crossing the waters
How to fund your business

Published 09 February 2022

Lending money is what you do. Swapping your lender hat for a borrower one requires careful consideration. Navigating the various funding options available with the specialist lenders in the market is about finding the best fit for your business.

A culture of openness
Meeting the challenge of the Consumer Duty

Published 09 February 2022

There is quite often an assumption, that as all businesses offering financial services are regulated by the same governing body (the FCA), they’re all delivering the same level of service … wrong! The need for the new Consumer Duty reflects that whilst there is a basic standard that is required of firms, the bar can, should and has to be

Moving from lip service to action
Treating vulnerable customers fairly

Published 09 February 2022

The media has recently been flooded with government and royal scandals and, while the fuel crisis has received some airtime, the potential impact on millions of households has not received the publicity it merits. The decision of to ‘Eat or Heat’ is a very real threat to many. The negative impact on household expenditure a risk to us all.