CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow UK Finance responds to the FCA announcement on consumer credit
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
UK Finance responds to the FCA announcement on consumer credit PDF Print E-mail
Tuesday, 01 August 2017
Eric Leenders, Head of Personal at UK Finance, said:   “Our members are committed to responsible lending and to serving better those customers who require access to credit, whether an overdraft, loan or credit card. When used sustainably consumer credit is important for economic growth, and lenders work hard to ensure the balance is right between helping customers to borrow while ensuring longer term affordability. Transparency is important and our members are constantly developing new ways to make the costs of an overdraft even clearer. If a customer is struggling with repayments they should speak to their lender straightaway.

"With the current prudential regulatory focus on rising consumer credit, it is understandable that the FCA will also want to look closely at firms' assessment of how customers can repay if economic circumstances change. We will carefully consider these reports and will continue to work with the regulator in supporting those customers who do not use credit in a way which is in their best interests.”

Background
All our members undertake a thorough risk assessment of a customer's finances whenever they apply for credit. This degree of rigour continues throughout the relationship, with ongoing monitoring of how the customer uses the credit product and how they repay.
It is never in a lender's interests to allow customers to borrow money which they will be unable to repay.
Banks have introduced a number of preventative measures to make customers aware that they might be about to go overdrawn or reach their agreed limit, and help them understand the charges that they might incur, as well as providing support and product features to help minimise any charges. These include text alerts and mobile apps, as well as product fee free buffer zones.
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197