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.

CCTA Response to the Treasury Select Committee Report on the Future Regulatory Framework of Financial Services

Published 06 July 2021

The Treasury Select Committee has today published its report on the Future Regulatory Framework of Financial Services.

CCTA thoughts on the FOS Annual Complaints data

Published 26 May 2021

The FOS has released its annual complaints data today. From a quick glance, what jumps out is the high upload rates for complaints about home credit and guarantor loans. Uphold rates for both of these are currently over 80%, compared with the average uphold rate of 31% across all products.

Friends and Family can’t pick up the slack

Published 20 May 2021

It has been a busy time period for alternative lending sector. In recent years it has faced many challenges including a constantly changing approach from the Financial Ombudsman Service and the impact of the ‘claims culture’ driven by Claims Management Companies. Many firms have already left the market. Since 2016 the number of firms offering HCSTC has more than halved.

CCTA CEO comments on Provident Financial decision to close down home-collected credit and Satsuma brands

Published 10 May 2021

Commenting on the decision by Provident Financial to close down their home-collected credit and Satsuma brands, Jason Wassell, Chief Executive of the CCTA said: “This news is shocking and yet not a surprise to those watching alternative lending. We have long been concerned that the current regulatory framework does not work for the market, or its customers.

Coronavirus- the lasting financial impact

Published 15 April 2021

We are now more than a year into the Covid-19 pandemic, and I think it is safe to say that none of us predicted the impact it would still be having on our lives.

CCTA comment on the publication of the FOS plans and budget 2021/22

Published 31 March 2021

“We are particularly concerned about the changes surrounding the case fee announced in today’s publication. We do not believe any justification has been provided for a further rise in the case fee, following the increase introduced just last year. This has now increased by a third over the last two years.

CCTA Spring Summit

Published 17 March 2021

We held our first summit of 2021 this week for our members. It was great to have such good attendance from across all the different areas of the association’s membership. Though, we would prefer to be able to bring members together in a face-to-face environment, we must continue to meet virtually for at least the next few months.

CCTA comment on the departure of Caroline Wayman, CEO of Financial Ombudsman Service

Published 10 March 2021

“It is no secret that we have long been concerned about the management of the Financial Ombudsman Service (FOS). Our most recent concerns have been about the organisation’s finances- both the funding model and runaway spending. “Just as important is that we tackle Claims Management Companies’ (CMCs) activities.

What do we want from the budget?

Published 03 March 2021

At around lunchtime today Rishi Sunak will deliver his budget for the coming year. Arguably the biggest day of year for any Chancellor, this is a budget like never before as we will learn the true impact of the Covid-19 pandemic on the economy.