That sinking feeling
Help for those trapped in problem debt

Published 22 July 2021

I don’t imagine any of us has ever been stuck in quicksand in real life. We’ve seen it in TV shows or films; the brave hero or heroine struggling to escape as they’re slowly dragged down to their doom, desperately reaching for a branch or vine to pull themselves free.

Message received
Fostering positive relationships with the media

Published 22 July 2021

In the last edition of the magazine, I wrote about our political engagement. We explored why it is important to engage with the different groups and individuals that fall within that segment.

Ahead of the curve
Impending changes for Buy-Now Pay-Later providers

Published 22 July 2021

BUY NOW PAY LATER: WHAT IMPENDING REGULATION MEANS FOR FINANCE PROVIDERS AND CONSUMERS The buy now, pay later (BNPL) sector has been firmly in the spotlight since February this year when the Woolard Review, commissioned by the Financial Conduct Authority (FCA), highlighted the need for increased regulation in this space, to protect consumers from taking on too much debt.

Access denied
Customers at risk of being blocked from credit

Published 22 July 2021

THE JOURNEY TO THE FCA’S NEW CONSUMER DUTY Thankfully we are now heading towards the end game of the Covid Epidemic fall out, as the vast majority of UK citizens will have had their two vaccinations by the end of August.

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.