Credit Management September 2019

FCA launches consultation on
vulnerable customers
THE Financial Conduct Authority (FCA)
has launched a consultation on proposed
guidance for firms on the fair treatment of
vulnerable customers.
The guidance sets out the FCA’s view of
what the FCA Principles require of firms
to ensure that vulnerable consumers are
consistently treated fairly across financial
services sectors.
The FCA wants to see ‘doing the right
thing for vulnerable consumers’ deeply
embedded in firms’ culture. Firms will need
to think about what the guidance means
for their business and customers, and how
they are understanding and addressing the
needs of vulnerable customers.
As part of the FCA’s priority to protect
vulnerable consumers, it has been working
extensively with stakeholders on this issue.
While many firms have made significant
progress in how they treat vulnerable
consumers, the FCA believes that there
needs to be more consistency across
financial services sectors. In some cases,
firms are clearly failing to consider the
needs of vulnerable consumers, leading to
harm.
Christopher Woolard, Executive Director
of Strategy and Competition says protecting
vulnerable consumers is a key priority for
the FCA: “Where we find that firms are not
MANCHESTER
CREDIT POD
THE CICM is trialling a new concept this month
in Manchester – the Credit Pod. This free
event offers stimulating presentations from a
number of key speakers. In addition, they will
be recruiting a small management team to help
develop the pod, and help it grow.
To find out more and book your place visit
cicm.com/event/cicm-credit-pod-manchesterlaunch.
doing enough to ensure that consumers are
treated fairly, we will take action.”
Peter Wallwork, Chief Executive of
the Credit Services Association says:
“Our members and our Code of Practice
have long recognised the importance of
identifying and dealing empathetically
with customers that are vulnerable. There
are plenty of practical challenges in the
proposal and in dealing with vulnerability
generally, including tensions between
legislation. We are looking forward to
drilling down into the detail of the FCA’s
guidance with members to see where it can
help contribute to improvements.’’
The guidance will be consulted on in two
stages and the FCA is asking for comments
on this first stage of the consultation by 4
October 2019.
fca.org.uk
CSA CEO joins MALG board
PETER Wallwork, Chief Executive of the
Credit Services Association (CSA), has been
appointed to the Board of the Money Advice
Liaison Group (MALG). His appointment
was confirmed at the MALG AGM. Also
confirmed was the re-appointment of CSA
Non-Executive Board Director Yvonne
MacDermid, Chief Executive of Money
Advice Scotland.
Peter says he is proud to be joining
the Board and also paid tribute to Leigh
Berkley of Arrow Global and former Chair
of the CSA, who is stepping down from
MALG board after three years of service:
“I look forward to working closely with
my fellow Board members to continue
the organisation’s excellent work in
improving the lives of people in problem
debt. I will continue to ensure the voice of
The Recognised Standard / www.cicm.com / September 2019 / PAGE 9
Our members and our Code
of Practice have long
recognised the importance
of identifying and dealing
empathetically with
customers that are vulnerable.
our members and our industry is heard to
enable the best-informed decisions to be
made.”
Bob Winnington, Chief Executive of the
Money Advice Liaison Group, said: “At
MALG, we facilitate conversations and
collaboration between debt advisers and
the credit and collections sector to enable
them to improve the lives of people in debt.
It is vital that we engage with the debt
collection sector and the Credit Services
Association has been actively
involved for several years
now.”
csa-uk.com
malg.org.uk
Peter Wallwork, Chief Executive
of the Credit Services Association
>NEWS
IN BRIEF
New forum
FORUMS International has launched
a Fraud Prevention Network. The FPN
has been re-launched with Corporate
Partners Graydon UK and CIFAS and is
also supported by the CICM. Elsewhere,
CoCredo has joined Forums International
as the latest Corporate Partner. Dan
Hancocks has been a supporter of
Forums International for a number of
years and decided to join the Credit
Professional Forums (CPF) and the Senior
Management Forum (SMF). CoCredo
has also been shortlisted for an SME
National Business Award in the Business
Innovation category.
forumsinternational.co.uk
A shoe in
SHARINE Burgess, a Senior Associate
with UK law firm Shoosmiths and
a society member for 16 years, has
become president of Northamptonshire
Law Society. Sharine specialises in
representing claimants who have
suffered serious injury and illness.
She succeeds Oliver Spicer, also of
Shoosmiths – which was founded in
Northampton in 1845 – as president.
shoosmiths.co.uk
Head of Acquisitions
INVENIO Financial (Invenio) and
Phillips & Cohen Associates (PCA)
have appointed Senior Debt Purchase
Executive, Alexander Holzgreve, as Head
of Acquisitions Europe, to lead European
growth for the group. Invenio and PCA
claim to be the only dedicated buying
group for deceased accounts and offer
niche solutions to creditors. Alexander
Holzgreve has experience across multiple
countries and credit products on behalf
of major institutions such as Deutsche
Bank and more recently Aktiv Kapital
and PRA Group, where he was managing
director and led portfolio acquisitions
across Europe as member of the European
management team. inveniofinancial.com
phillips-cohen.co.uk
CICM AWARDS 2020
The CICM British Credit Awards is
launching new categories in 2020.
Launched eight years, the awards are
the flagship event that celebrates the
achievements of credit professionals and
organisations. The new categories are:
B2B Team, B2B Supplier, Consumer Team,
Innovation and Technology, Shared
Service Provider, Debt Collection Agency,
Insolvency Practitioner, Legal Provider
and Giving Back. For more details
visit cicmbritishcreditawards.com.
cicmbritishcreditawards.com