With just a short time to go until the country goes to the polls to cast their votes in the General Election, there is a hope that the era of political and economic uncertainty which has dogged the UK for such a long time will soon come to an end. For any new Government, we believe that there are important considerations away from the all-consuming issue of Brexit.
The Consumer Finance Association has been engaging with policy teams to point out where we think there is a need for further action.
Creating a credit sector that supports all – Greater collaboration between financial institutions and Government is needed to improve the way consumer credit works for the customer. Just one example is financial education. This will help people make the best choices and help avoid the improper use of credit products.
Reforming the system so that customers can access better prices – Building creditworthiness is a journey. It is vitally important that ‘credit scoring’ is fair and representative. A clear and open path through the consumer credit market would boost the overall transparency of credit scores and what influences them.
Stabilising the regulatory framework for the consumer credit market – Consumers need a regulated market that consistently delivers, rather than accessing de-regulated alternatives. To avoid further damage to the alternative consumer credit market, the next Government must find solutions to stabilise the regulatory environment and deliver some certainty.