The Analysis News & Opinions
Opinion
Response to the FCA announcement on credit
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 Financial Conduct Authority 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. 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 features to help minimise any charges.
Eric Leenders Head of personal, UK Finance
Call for prizes for cancer research
The credit, collections, and enforcement industry has been given the opportunity to donate prizes for a charity auction held in aid of the Pancreatic Cancer Research Fund (PCRF). In last 10 years, the Charity Auction, at
the Credit Excellence Awards Dinner, has earned over £50,000 for some very important charities. This year it is hoped that it will do even better in supporting the charity’s research to improve the diagnosis and treatment of pancreatic cancer. The PCRF has three key goals:
l To raise funds for research into early detection, new treatments and ultimately a cure for pancreatic cancer. l To encourage more of the research community to get involved in pancreatic- cancer research. l To promote the need for more research funding by the major cancer-research funding organisations. To date, it has supported 40 research
projects with grants totaling £6.2m – all through fundraising and donations. Stephen Kiely, editor of CCRMagazine,
said: “We are extremely proud to be supporting the exceptional work done by the PCRF, so we are asking the industry if you
can help? Can you provide a prize to be auctioned on the evening? Maybe electronic goods, a day-out experience, or sporting memorabilia; we hope that the credit, collections, and enforcement industry will, once again, show its support. “To do so, please simply contact me at
stephen@ccrmagazine.co.uk. All companies donating a prize will be listed.” l The Charity Auction will be held during the Credit Excellence Awards Dinner, in association with Hoist Finance, on the evening of CCRInteractive, in association with Marston Holdings, on Tuesday 3 October at the Guoman Tower Hotel, central London. To ensure that you claim your place to be with all the finalists and winners, on the evening, at the networking awards dinner, please call 07766 416693 or e-mail
stephen@ccrmagazine.co.uk.
Momentum builds for technology debate
Momentum is starting to build for a debate next month that will see senior industry professionals gather to discuss key issues such as mobile first, chatbots, self-serve, and multichannel approaches. The debate, which will be held in association
with Esendex, will provide an informative forum for professional to share ideas, advice, and viewpoints. Stephen Kiely, editor of CCRMagazine,
said: “With engagement consistently being amongst the most important issues for the
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www.CCRMagazine.co.uk
industry, this will be an idea opportunity to consider how technology can play a part. Customers want to communicate and pay on their terms, at their chosen time, so clearly technology is key in meeting this demand. “It is essential to offer a variety of channels,
but new channels can bring new challenges, even the choices of language made.”
September 2017
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