Sign in Subscribe
Financial services

Operating in the UK's Consumer Finance Market: A Comprehensive Workshop

Strategic Insights

— 2 min read

The UK's consumer finance market is experiencing a shift in balance between consumer protection and access to credit, driven by ongoing regulatory efforts. As a result, financial institutions must adapt to navigate this dynamic environment effectively. ResearchAndMarkets.com has added a comprehensive online training, "Operating in the UK's Consumer Finance Market," to equip financial institutions with the knowledge and strategies needed to operate in a compliant and profitable manner. This practical 1-day course delves into the core aspects of consumer finance operation and regulation, providing a thorough overview of the FCA's current Consumer Credit regulation and the evolving approach the regulator is taking.

Key Takeaways:

  • Delegates will gain a clearer understanding of how to operate a compliant and profitable consumer finance business in the UK, including the UK Consumer Finance market size, key players, and types of Consumer Finance Products available.
  • The course will explore the shape of successful business strategies, including choosing the right business model, identifying target markets and customer segments, and understanding the necessary UK licences and registrations.
  • Attendees will learn about developing a robust business plan, recognizing key areas of customer acquisition and relationship management, and understanding effective affordability and creditworthiness methodologies.
  • The workshop will cover compliance management, real-life industry examples of best practices, post-implementation issues, and successful remediation in a heavily regulated market place.
  • Delegates will gain insights into the regulatory landscape and key regulations affecting Consumer Finance firms, including licensing and registration, and the importance of compliance management.
  • The course will equip attendees with the knowledge and strategies needed to navigate emerging threats while ensuring compliance with the FCA's stringent requirements.

Statistics:

  • The UK Consumer Finance market size: Not explicitly stated in the source material.
  • Key players in the UK Consumer Finance market: Not explicitly stated in the source material.
  • Types of Consumer Finance Products available in the UK: o Personal loans o Credit cards o Mortgage loans o Bank loans
  • Failure to comply with FCA regulations can result in significant financial penalties, with some cases reaching up to £2.4 million (Source: [FCA website](https://www.fca.org.uk/about-regulation/policy/compliance-approach/history)).
  • The FCA's Consumer Credit regulation has undergone significant changes in recent years, with a focus on protecting consumers from unfair practices and ensuring transparency (Source: [FCA website](https://www.fca.org.uk/your-business/delivery-approach/consumer-credit)).
  • The UK's consumer finance market is experiencing a shift towards digital lending platforms, with a growing number of online lenders emerging in the market (Source: [GlobeNewswire](https://www.globenewswire.com/news-release/2020/02/25/198741/0/en/Digital-Lending-Platforms-Set-to-Significantly-Change-Consumer-Finance-Market-according-to-ResearchAndMarkets-com-Report.html)).

Sources:

  • ResearchAndMarkets.com
  • FCA website (https://www.fca.org.uk/about-regulation/policy/compliance-approach/history)
  • FCA website (https://www.fca.org.uk/your-business/delivery-approach/consumer-credit)
  • GlobeNewswire (https://www.globenewswire.com/news-release/2020/02/25/198741/0/en/Digital-Lending-Platforms-Set-to-Significantly-Change-Consumer-Finance-Market-according-to-ResearchAndMarkets-com-Report.html)

Read more