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News for Members

10 May 2017

2017 Convention Review - Engaging & Listening to Members

The 4 star Mercure Cardiff Holland House Hotel was the venue for the CCA's 2017 Annual Convention and with the theme 'engaging with and listening to members' it didn't disappoint.

The team at the CCA set out with a new strategy to make this year's event more interactive, participative and generally more relevant to our members.   From the feedback received so far, it looks like we achieved our aim.  However we recognise that we must continually strive to deliver value to our members by keeping them informed of the latest industry developments, getting involved in policy-making processes on their behalf and ensuring that the home credit sector is represented in the regulatory decision making process.

For those members who attended, we've included a quick recap of the convention's opening presentations by Phil and Doug. For those who couldn't make it, we hope to see you at next year's bigger, even better event.  

Chairman's Address - Phil Carey

Phil started his presentation on a sad note, paying tribute to our Director General, Jack Bennett and recognising his achievements, particularly in relation to his dealings with the FCA during the complex and difficult transition to FCA supervision.  

He set out his objectives for the convention and the wider plans for the CCA, including his intention to further refine the content of future conventions to the specific needs of the home credit sector and improve communication with the members.

Phil talked about some of the work that goes on behind the scenes at the CCA, particularly during the recent FCA payday price cap review. Throughout this complex process involving the submission of the CCA's written response in September 2016, attendance at the Lords Committee, House of Commons Treasury Committee and the All-Party Parliamentary Group on Alternative Lending, a series of round table discussions and culminating in the final submission of the CCA's response to the FCA's Call for Input, our members can be reassured that they have had a representative voice.


Director General's Report - Doug Martin

Doug informed the delegates that the selection process for a new DG is now well underway and an announcement is expected to be made before the end of May.  He thanked Stephen Karle and his team for their help with the interview process.  A total of around 350 CVs have been received and subsequently whittled down to 15 candidates, from which a shortlist has now been drawn up.

Doug talked about the banks' attitude to the home credit sector and the problems which some of the CCA's members have experienced with their banking services eg. being served short notice to make alternative banking arrangements.  

Doug announced that he is currently in discussions with Metro Bank who have confirmed that they will be willing to approve applications from CCA member firms in principle.  The details of the arrangement have not yet been confirmed but the following offer is currently in discussion: 

applications need to be channelled through the CCA

a dedicated meeting and location will be offered in order to open an account

applications are open to businesses with a turnover in excess of £50,000

firms must deposit a minimum of £50,000 (but smaller amounts will be considered providing the required documentation can be produced)

any firms with no Metro bank in their local vicinity can make deposits at their local post office

the maximum deposit at any one time is £20,000

We will be keeping our members updated on developments as the negotiations continue...

More information about the presentations to our new Honorary Members and the content of our workshops can be found on our website. 

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