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.

Space to breathe
Adapting systems for breathing space

Published 21 July 2021

Coming into force on the 4th of May 2021, The Debt Respite Scheme, otherwise known as breathing space, will impact how consumer credit lenders and debt collection agencies interact with individuals struggling to manage their debt.

Road to recovery
The FCA’s covid roadmap

Published 21 July 2021

As we all patiently navigate the four steps of the roadmap out of lockdown, users (and providers) of personal loans, credit cards, store cards, catalogue credit, rent to own, buy now pay later, pawnbroking, motor finance and high-cost short-term credit (HCSTC), will also be on their own, often personal, journeys on the road to recovery.

Lees V Lloyds
Court dismisses repetitive data subject access requests

Published 21 July 2021

In the case, Lees v. Lloyds, the data subject, Mr Lees (the claimant) issued a claim against Lloyds Bank Plc (Lloyds) for failing to provide an adequate response to various Data Subject Access Requests (DSARs) in breach of the Data Protection Act 2018 (DPA 1998) and General Data Protection Regulation (GDPR).

Responding to data breach claims
A common sense approach

Published 21 July 2021

In the run-up to GDPR, the focus was on the fines that data protection regulators can impose for infringements. Another issue that has become increasingly significant is that of data breach claims, compensation and costly group litigation. Under GDPR and the Data Protection Act 2018, individuals can claim through the courts for compensation for “material” (i.e.

Forebearance
Too much of a good thing?

Published 21 July 2021

The Financial Conduct Authority (FCA) warned consumers in its Mortgages and Coronavirus: Information for Consumers Guidance of 27 January 2021 that: “If a repossession on your home is stopped and you don’t keep up with payments, the total amount you owe will increase.

Points of view
Political engagement – the major players and CCTA plans

Published 21 July 2021

Right now, Treasury officials are working on the Future Regulatory Framework (FRF) review. The FRF is considering how the regulatory framework for financial services needs to adapt to be fit for purpose in the future. CCTA submitted a response to a consultation on the review that recently closed.

First steps
SM&CR: A job done?

Published 21 July 2021

SM&CR: A JOB DONE? Following the introduction of the Senior Management and Certification Regime (SM&CR), to date the focus within Financial Conduct Authority (FCA) solo regulated firms has been concentrated on implementing and embedding processes within their business as BAU (Business as Usual) processes.

The right balance
How effective are digital consumer journeys?

Published 21 July 2021

In May 2020 a Digital Sandbox Pilot was launched by the Financial Conduct Authority (FCA) and the City of London Corporation. The pilot ran from November 2020 through to February 2021. 28 teams took part, to test and develop innovative products and services in response to challenges presented by the Covid-19 pandemic.

Pulling focus
Take a customer-centric approach to avoid regulatory issues

Published 20 July 2021

Through our proactive support of firms and our work as a Skilled Person, we have seen a substantial volume of activity arising from the FCA’s thematic focus within specific sectors of financial services. One recent area of focus has been the payday sector, with the FCA focusing largely on responsible lending and complaint handling.

New driver
The future regulation of consumer credit

Published 20 July 2021

The regulation of consumer credit will be changing. That is the only certain thing we know. How regulation changes, or when it changes, are unknowns at this stage.

Changing times
Creating a new CCTA – building on strong foundations

Published 20 July 2021

I am pleased to add my welcome to this edition of our relaunched magazine. I am delighted to write as the new Chief Executive of the Consumer Credit Trade Association. My first step is to thank my predecessor, Greg Stevens, who retired at the close of 2020.