Credit Management September 2023

NEWS ROUNDUP
HMT hesitates in regulating
BNPL amid consumer mistrust
HM Treasury could be delaying plans to
regulate the Buy Now Pay Later sector
amid growing concerns from consumers
as to the industry’s ethics.
Research from NewDay suggests that
only 16 percent of UK adults deem BNPL
‘trustworthy’ and almost half worry that
unregulated BNPL could get them into
debt. More than three quarters say they
would prefer a regulated BNPL option
over an unregulated one even if that
meant a longer application process
Ian Corfield, Chief Commercial Officer
at NewDay, says he is concerned that
plans to regulate BNPL could be delayed
even further: “Our research clearly
shows that consumers would welcome
TransUnion launches new
paper on Consumer Duty
TRANSUNION has published a new
advisory paper, ‘Thriving in the Age of
Consumer Duty: Strategies for Success,’
to support businesses as they move into
the new era of Consumer Duty.
The new Consumer Duty regulation
from the Financial Conduct Authority
(FCA) requires firms within the financial
services sector to prioritise customer
needs and empower them to make
informed financial decisions.
TransUnion's report expands on
four key areas of focus: Products and
services outcome; Price and value
outcome; Consumer understanding
outcome; and consumer support
outcome. In its spring 2023 survey,
the FCA found that 64 percent of firms
expect to be fully compliant with the
new regulation by the 31 July, indicating
that many companies are still in the
process of amending their offering and
will need ongoing support.
The report is described as ‘delving
into practical strategies, with data
and insights at their core, to help
ensure compliance, now and in the
long-term’.
Igniting CICMQ best practice
THE Amey Group Services Ltd team, led
by Hayley Earle ACICM, Head of Credit
& Collections, welcomed CICM Head of
Accreditation, Karen Tuffs FCICM(Grad) to
its iconic offices in Garston, Liverpool on
18 July 2023 to receive its fourth CICMQ
Best Practice Award. First accredited
in 2015 and securing two subsequent
accreditations in 2017 and 2019, Amey’s
latest accolade was achieved with a new
team, following relocation to Liverpool in
2020.
regulation to increase trust with BNPL
products, expanding its appeal rather
than stifling it. There is also consumer
misunderstanding of BNPL as a form of
credit, and its potential impact on credit
scores.
“At a time when consumers are facing
increasing costs, consumer protections
need to be strengthened not delayed.
There are regulated equivalents to BNPL
offering instalment finance out there
already, proving that it can be done
successfully without limiting options
for consumers. Instead of delaying
regulation, the roll-out should be brought
forward, benefitting both consumers and
the industry as a whole.”
David Herd, Director of Amey Business
Services and Samantha Vaughan,
Head of Transaction Services, joined
Hayley and the Credit & Collections
team at the converted Mersey Match
Factory, formerly used by Bryant and
May, to celebrate the team’s successful
re-accreditation, the first organisation
to experience the refreshed CICMQ
programme and receiving a Merit pass.
Many congratulations to Amey Group
Services.
>NEWS
IN BRIEF
Government publishes
review of personal
insolvency
THE Government has published a
review of the personal insolvency
framework, recognising shortcomings
in the current regime and areas where
it could evolve in order to better meet
the needs of those who use and work
with it.
Nicky Fisher, President of R3,
welcomed the need for reform: “It is
clear from the many submissions
to the Call for Evidence that this is
a complex area, and we recognise it
will take time to deliver a personal
insolvency framework which works
for everyone.
“At a time when personal insolvency
levels are rising and debt charities
are reporting an increasing number
of demands for their services and
numbers of people in negative budgets,
we need clear thinking and progress
on this issue sooner rather than later.”
Gayle Force
BIBBY Financial Services, the
invoice finance provider, has
appointed Gayle Robertson as
Business Development Manager as
it continues to drive new business
volumes throughout Scotland. With
almost two decades of experience
in banking and commercial finance,
Gayle joins from Lloyds Banking
Group where she spent 19 years
supporting SMEs in both operational
and sales roles. Her most recent
role with the bank was Associate
Director Invoice Finance.
Benchmark CEO
MICHAEL Crumpler has been
appointed Chief Executive Officer of
Credit Benchmark, a global leader
in the credit risk data and analytics
space. Michael’s primary focus
will be to guide Credit Benchmark
through its next phase of growth by
expanding its global client footprint
in key strategic markets and further
solidifying the company’s position
as the provider of choice for unique
and compelling credit risk products
across capital markets. He will also
be focused on building-out Credit
Benchmark’s analytics
and product functions.
Donal Smith, current
CEO and Co-Founder,
will be remaining
on in his capacity as
Executive Chairman.
Brave | Curious | Resilient / www.cicm.com / September 2023 / PAGE 7