Credit, collections & insolvency news
The Credit Services Association (CSA), the only national trade association in the UK for organisations active in the debt collection and purchase industry, has published a collection of essays detailing the experiences so far of a sample of their members in implementing Consumer Duty requirements.
The Financial Conduct Authority’s (FCA) Consumer Duty rules began on 31st July 2023 for open products/services, with the aim to set higher and clearer standards of consumer protection across financial services.
The collection of essays in From Policy to Practice: Implementing Consumer Duty in the collections sector contains the reflections and experiences of eight CSA Member firms, and how they planned and implemented any necessary changes into their processes and systems.
Chris Leslie, CSA Chief Executive, said “In this pamphlet you will see the values of a consumer-oriented approach placed at the heart of how many CSA member firms are working, and some of the specific actions they have taken to do so.
“This is a sector used to scrutiny and accountability; not only are the FCA regulating the sector but the Credit Services Association code of practice also governs many of these aspects of conduct for member firms.
“This essay collection is a sample of different approaches and is a useful series of case studies to show how the new policy is now rolled out in practice.”
The CSA has supported its members throughout their Consumer Duty through events and workshops, and a Consumer Duty hub available exclusively for members on the Association’s website, featuring guidance and other useful resources.
