FCA takes a cautious approach to consumer credit intervention

Published 31 May 2018

In the FCA’s report published today on the outcome of its high-cost credit review, the FCA is quite rightly taking a cautious approach, which is to be welcomed. The focus on overdrafts is welcome too: this is where the bulk of high cost borrowing takes place. Providing credit to low income consumers will always be an emotive topic.

Lenders who operate in the shadows

Published 16 May 2018

When the Treasury announced that £5.67 million of funding will be provided to Britain’s Illegal Money Lending Teams (IMLT) and bodies in Northern Ireland to tackle illegal lending, this was of course met with a welcome response, representing a 16% increase compared to the previous year.

Provident Financial is back ‘on the up’

Published 09 May 2018

It is excellent news that Provident Financial has turned the corner and normal service has been restored to satisfy their customers’ needs. This comes at the same time as RBS announces that it is shutting another 162 Branches across the UK on the wider assumption that consumers will go online.

A Mixed Bag of Concerns

Published 28 April 2018

The reported recovery in real wage growth has failed to promote optimism among households. The consumer confidence barometer by GfK, (Times 27th April) – the bellwether indicator which is tracked by the Bank of England and others – fell from minus 7 in March to minus 9 this month. It has now been negative for 28 months in a row.

CCTA Commentary – Financial Claims & Guidance Bill

Published 26 April 2018

On Tuesday 24th April, MPs debated the Report Stage and Third Reading of the Financial Claims and Guidance Bill in the House of Commons. We applaud and support the aims of the Bill to ensure access for all to free and impartial money guidance, debt advice and high-quality claims handling services.

Financial education must give this a permanent place in the education syllabus

Published 11 April 2018

The new report from Prudential on their Cha-Ching programme makes gloomy reading regarding the lack of momentum behind meaningful and permanent financial education programmes in the educational syllabus.

All aboard the Gravy Train… Has compensation become a largely profit making enterprise and why should this stop.

Published 13 March 2018

All aboard the Gravy Train… In the 1960s it was said that the British did not complain enough.

Credit Week 2018!

Published 12 March 2018

This week marks an important week in consumer credit as Credit Week brings together Europe’s largest gathering of credit professionals. The annual event, run by Credit Strategy reviews the current issues of the day through a variety of events that focus on the innovative, dynamic, and vitally important consumer credit industry.

“Markets are not perfect, but regulation is often a very poor substitute”

Published 11 March 2018

Last week, the think tank, Institute of Economic Affairs accused politicians of ‘jumping on the anti-finance bandwagon’ in a report[i] which reviewed the contribution finance makes towards economic life. The UK’s financial sector is one of the economy’s most productive, but it has taken quite a bashing since the previous financial crash and suspicion still surrounds the industry.

Concern Mounts on the Impact of Interest Rate Rises on Struggling Households

Published 16 February 2018

With the Bank of England expected to increase interest rates as early as May, what will be the impact of this on the UK’s financially constrained households? A report published this week by the Resolution Foundation[1] examines the possible consequences.

FCA roundtable discussion: ‘Approach to Authorisation’, 12 February 2018.

Published 13 February 2018

The CCTA’s Head of Legal & Regulatory Affairs, Graham Haxton-Bernard, attended the FCA roundtable meeting, which was was well attended by interested Trade Associations including representatives from the FLA and the CFA. The roundatable was hosted by various FCA staff including the Director of Authorisations.

Is the bubble bursting? Bitcoin falls amid global clampdown

Published 06 February 2018

As governments worldwide are nervously clamping down on investors speculating on cryptocurrencies, the value of Bitcoin fell to its lowest level since mid-November dropping below $6,000.  Lloyds and Virgin Money have now banned customers from purchasing cryptocurrencies with their credit cards amid concerns they could be exposed to large unaffordable debts should the digital currency value continue to fall.