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Industry Challenges for Consumer Credit Firms

The consumer credit market is facing pressures from multiple directions, increased scrutiny and oversight from a new regulator in the FCA, unwanted attention from Claims Management companies, and the challenges of dealing with vulnerable customers. 

Challenges in preventing consumer harm:

  • Consumers do not understand or deal with their finances before they become problematic
  • Declining consumer resilience due to decrease in home ownership
  • Increasing number of borrowers classified as vulnerable
  • Debt advice a distress purchase which affects consumer decision making

 

Protecting businesses under new regulations:

  • Evidencing relevance of products sold, affordability criteria met and consumer understanding of financial commitment
  • Increasing ability to identify those in financial difficulty early enough – and then deal with them appropriately
  • Identification and appropriate management of all kinds of vulnerable consumers
  • Ensuring robust processes and procedures in place to benefit both business and consumer
  • Working with CMCs to minimise impact on businesses
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To find out more about the services Equiniti Hazell Carr provide to Consumer Credit Firms - Click Here

To find out more about the additional services the Equiniti Group provides to Consumer Credit Firms - Click Here

 

 

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Find out more about how Equiniti Hazell Carr can help your business
Call us on: 0118 951 3971
Email us at: contact@hazellcarr.com
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