Tis’ the season of political uncertainty!

Published 12 December 2018

Today’s announcement by the 1922 Committee has meant we now have another round of madness as Conservative MP’s go for a Leadership Election, at the same time as the Prime Minister cavorts around Europe attempting to give CPR to a corpse. Nero is fiddling even faster as Rome burns.

Leaving the EU will be costly, but what is the price of remaining?

Published 03 December 2018

David Smith, wrote an insightful piece in The Times this week (Nov 27th) on why leaving the EU will be costly, but what is the price of remaining?   David, who spoke at our annual CCTA conference earlier this month, describes how the endgame of the first phase of Brexit is proving “even messier than feared.

CCTA responds to the FCA’s proposals to introduce a price cap on the rent-to-own market

Published 23 November 2018

On 22nd November, the Financial Conduct Authority proposed to introduce a price cap on the rent-to-own (RTO) sector. This will come into force on 1st April 2019, subject to consultation.

CCTA endorses Provident Financial Consumer Credit Division Authorisation by the FCA

Published 12 November 2018

We are pleased to note that the Financial Conduct Authority (FCA) has informed Provident Financial plc that its Home Credit and Satsuma businesses have been fully authorised.

Data brokers and credit scorers accused of GDPR breaches

Published 11 November 2018

European regulators have been asked to investigate several data brokers, credit rating agencies and adtech companies to see if they are breaching the EU’s new data protection laws.

Why the launch of yet another anti-consumer credit campaign could have dire consequences for the customer

Published 26 October 2018

Yesterday, I was fortunate to be able to represent the views of our members and industry on the BBC Radio 4 You & Yours programme which can be heard here.

CCTA responds to the ‘Dear CEO’ letter issued to payday lenders by the Financial Conduct Authority

Published 17 October 2018

The FCA has published a ‘Dear CEO’ letter issued to all payday lenders regarding the issues surrounding the increase in complaints about unaffordable lending and how the FCA expect firms to firms to manage the impact.

CCTA’s thoughts on current claims management activity and the impact it is having on the industry

Published 05 September 2018

The recent news that payday loan company, Wonga, has sought a £10million bailout is an ominous reminder of the challenges currently facing the consumer credit industry as regulators, consumer groups, and claims management companies focus their attentions on high cost short term credit providers.

CCTA responds to the announcement Wonga has stopped taking loan applications

Published 30 August 2018

The following is the CCTA view on access to credit and the impact of aggressive regulation,  and over zealous and sometimes vexatious redress claims made by the Claims Management Companies. These and other factors are the cause of the ongoing operating problems being experienced by Wonga.

CCTA responds to FCA Creditworthiness Policy Statement

Published 01 August 2018

Exchanges between the regulator and SME lenders can sound like a stuck record at times, with lenders complaining the FCA is over-regulating and forcing them out of business. However, this time we’re very happy to applaud the FCA for recognising the need to keep the regulations proportionate.

CCTA comments on Treasury Select Committee’s Household Finances Report

Published 26 July 2018

Greg Stevens, Chief Executive of the CCTA, said: “We welcome the Treasury Select Committee’s recognition that credit plays an ‘essential’ role in many people’s lives, and has been critical in helping households weather the financial crisis and the aftermath.

The FOS review was only skin deep. It doesn’t tackle the concerns of SMEs

Published 18 July 2018

Richard Lloyd’s review of the FOS does not go far enough. There are crucial omissions that need to be addressed before trust in FOS can be rebuilt, argues Greg Stevens. This afternoon, the fearsome Treasury Select Committee will meet to discuss criticisms of the Financial Ombudsman Service (FOS).