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”.

A hidden cost?
Commission claims and the decision in Wood and Pengelly

Published 14 October 2021

We are seeing a growing number of claims by borrowers concerning alleged undisclosed commission payments by lenders to brokers/agents/introducers. If the borrower was not aware that commission would be paid at all, such payments may be classed as ‘secret commission’.

A TAX ON BUSINESS?
THE DOUBLE WHAMMY OF THE CIVIL COURTS

Equivo

Published 14 October 2021

Those using the civil courts to recover debt have faced a double whammy during 2021.

Frustration navigation
Providing frictionless service to customers

Published 14 October 2021

We all appreciate vulnerable customers in collections require help, but do our systems deliver that? Vulnerable customers, particularly, need to feel like they can contact third parties to discuss their situation without judgment.

A tool for every job
Supporting customers through financial recovery

Published 14 October 2021

Having recently announced the rebrand of the Debtsense suite of products, Aryza is working to develop a new range of solutions, to ensure consumers feel supported throughout the financial recovery and financial restructuring journey.

Not out of the woods yet
Consumers fear longer-term financial recovery

Published 14 October 2021

With the relaxation of lockdown, alongside hospitality and travel industries re-opening over the summer, consumers are less likely to think the pandemic has impacted their household income, according to recent research from global information and insights provider TransUnion.

Breaking down barriers
Extending access to credit to fund education

Published 14 October 2021

We are always looking for innovation and to keep members updated on how this might generate opportunities. The CCTA was interested to speak to a new company that is looking to extend access to credit to students seeking to fund their education. ProGrad was co-founded by Marco Logiudice and Ethan Fraenkel, two recent graduates.

What politicians should be focusing on at party conference

Published 04 October 2021

This week the Conservative Party Conference is taking place in Manchester. This will bring this year’s major conference season to an end, following the Labour Party Conference in Brighton last week. Both parties seem to be facing big questions about the unity of membership.

Plans announced for new UK wide No Interest Loan Scheme pilot

Published 07 September 2021

Local and national partners sought to deliver No Interest Loan Scheme pilot with Fair4All Finance, Toynbee Hall and Fair by Design Pilot will test whether this scheme can be scaled to make resources go further to improve financial wellbeing for customers in vulnerable circumstances Millions more people have become financially vulnerable during Covid, requiring urgent support – the pilot will

Stronger together
Member knowledge is our greatest asset

Published 23 July 2021

As we move into the second part of this year, I continue to use this column to provide an update on where we are with some of the changes at the Consumer Credit Trade Association as well the challenges we all face as a sector and how you can help us.