CCR2 Technology Futures
core principles guiding the current framework; namely firms should understand their customers and find mutually agreeable solutions responsive to individual circumstances. Both of these principles, by their nature, require engagement and a willingness to vary approaches by acting flexibly, responsively and reasonably. Top- down prescriptive approaches can undermine the tailored forbearance and support that usually works best for customers. As our new policy paper ‘Tailored Support
and The Need for Flexibility In Forbearance’ points out, there are several examples of policies in recent years which have taken a rigid operational approach. This is not just something we have seen in the ‘Breathing Space’ scheme. An early draft of 2017’s Pre-Action Protocol for Debt Claims initially required bundles of terms and conditions and other technical documents to be sent on paper to customers in sometimes vulnerable
circumstances, unwittingly complicating and confusing recipients. Fortunately a better solution was found,
offering the option for the bundle to be received if requested, rather than mandating it. Another example is the Consumer Credit Act framed nearly half a century ago in 1974, prescribing a range of statutory notices which do not always fit modern circumstances – and, despite language moderation recently, there remain concerns about the lack of flexibility around provision, content and format. For example, some notices must continue to be sent to a last- known address, even where the firm is aware the customer no longer resides there. It would be a shame if the short-term
pursuit of often laudable interventions sees decision-makers forget the core principle of encouraging tailored solutions based on an assessment of individual circumstances. It may not be ‘new’, but the principle is strong,
It would be a shame if the short-term pursuit of often laudable interventions sees decision-makers forget the core principle of encouraging tailored solutions based on an assessment of individual circumstances
effective and works well. As the government designs its next wave of reforms – the Statutory Debt Repayment Plans and their requirement for the FCA to consult on a ‘duty of care’ – we must hope that they don’t fall into the trap of prescribing actions and tripping over that law of unintended consequences again. CCR2
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August 2021
www.CCRMagazine.com
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