Credit Week, delivered by Credit Strategy, always provides a great opportunity to catch up with CFA members and other colleagues within the consumer credit sector.
A couple of years ago I welcomed the fact that regulatory issues were no longer the headline items at the Credit Summit, and that I was not speaking. This year they return to the top of the agenda and I am back on the summit platform.
Credit Week comes at a really interesting time for the short-term loans industry. The impact of historical complaints continues, and firms are still trying to navigate through this challenge with FOS, whilst dealing with further requests from the regulator. Affordability and repeat lending remain key issues.
While we hoped that we could work with the FCA to draw a line under the past, and started to create a new market for short-term lending, we seem to still face challenges.
So, it will be interesting to hear from FCA Director of Supervision, Jonathan Davidson, when he delivers his address. Following the “Dear CEO” letter in October, and another in more recent weeks, the HCSTC loan industry is keen to hear more about the areas the regulator will be prioritising for the coming year.
Once again, I will be chairing the Alternative Lending Stream of the conference. We will discuss a range of issues including the use of technology and, of course complaints. Panellists and speakers are drawn from HCSTC companies, but also the wider consumer credit sector so it will be interesting to hear how recent experiences compare.
I look forward to this year’s event and hope to see many of you around the Credit Summit.