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Summary
The podcast features an interview with Chris Lesley, the CEO of the Credit Services Association (CSA), who discusses the impact of the Consumer Duty on the debt collection industry. Lesley mentions that the industry is accustomed to high standards due to regulation from the FCA and the CSA’s code of practice. He believes that the emphasis of the Consumer Duty is shifting towards helping customers get out of debt rather than solely focusing on repayment to creditors. Additionally, there is a discussion about the exchange of data between debt advisors and creditors, and the need for better data sharing to understand customer situations.
Key Points
- Chris Lesley, CEO of the CSA, discusses the impact of the Consumer Duty on the debt collection industry.
- The debt collection sector is accustomed to high standards and scrutiny from multiple regulators.
- The focus of the Consumer Duty is shifting towards helping customers get out of debt rather than repayment to creditors.
- Data exchange between debt advisors and creditors needs improvement to better understand customer situations.
- The discussion touches on vulnerability data and the need for organizations to share and hold vulnerability flags.
Key Statistics
- No statistics mentioned in the text.
Key Take Aways
- The debt collection industry is adapting to higher standards and scrutiny due to regulation from the FCA and the CSA.
- The Consumer Duty is shifting the emphasis towards helping customers overcome debt rather than focusing solely on repayment to creditors.
- Data sharing between debt advisors and creditors needs improvement to gain a better understanding of customer situations.
- The exchange of vulnerability data is currently under discussion in the advice sector.
- There is a need for organizations to share and hold vulnerability flags to help better support customers.
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