CCTA commentary on the report of the independent review of the Financial Ombudsman Service

Published 12 July 2018

The findings of Richard Lloyd’s report are helpful as far they go, but a more comprehensive review is needed. The credit industry will recognise the shortcomings his report identifies, just as they recognised the criticisms revealed in the Dispatches Programme — primarily the lack of staff expertise and inconsistency in decision-making.

How far are the services of Post Office outlets providing a satisfactory experience for the bank branch customer?

Published 12 July 2018

In the past 25 years, the UK has seen the closure of nearly 10,000 bank branches – over half of all branches – as more and more customers gravitate towards online banking in a tech-savvy world of contactless cards and virtual cheque payments.

CCTA welcomes recognition from FCA of the positives of home credit

Published 14 June 2018

On 13th June the Treasury Select Committee heard from Andrew Bailey, Chief Executive, Financial Conduct Authority (FCA), as the Committee provided broad parliamentary scrutiny of the FCA’s work. As anticipated, the Committee discussed High Cost Short Term Credit, where Mr Bailey re-iterated the findings of the FCA’s recent HCC review.

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.