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lending practices that work for both consumers and retailers. Accelerating formal regulation for our
industry will ensure that all consumers are given fl exible buying power that looks at the individual’s past and present circumstances to gain the clearest possible picture of their fi nancial health.
Charging With some companies already avoiding charging consumers late payment fees, the industry has demonstrated that it wants customers to only paying for the goods they want to buy and not the service they are using to purchase them. Transparent and clear messaging from
the industry has also helped raise awareness of companies such as DivideBuy who off er instalment repayments over longer periods, deposit weightings and payment holidays to
ensure consumers can make informed purchasing decisions based on aff ordability. In fact, existing approval processes in the
With some companies already avoiding charging consumers late payment fees, the industry has demonstrated that it wants customers to only paying for the goods they want to buy and not the service they are using to purchase them
industry often utilise highly evolved decision engine functionality, AI and rigorous checks to off er an individually tailored agreement which better protects the consumer. With cost of living expenses increasing and
energy and fuel prices soaring, aff ordable credit, when used responsibly and explained transparently, is a payment method many consumers will inevitably continue to need. Together, with stricter regulation in
place, POS fi nance companies can ensure interest-free credit can be used to benefi t the consumer in the most responsible way possible. We look forward to seeing what the FCA
and Government set out as part of their plans for consultation and only wish it was less talk, more action.. CCR
June 2022
www.CCRMagazine.com
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