CSA publish collection of member essays on the FCA's Consumer Duty

The Credit Services Association (CSA), the only national trade association in the UK for organisations active in the debt collection and purchase industry, has published a collection of essays detailing the experiences so far of a sample of their members in implementing Consumer Duty requirements.

The Financial Conduct Authority’s (FCA) Consumer Duty rules began on 31 July 2023 for open products/services, with the aim to set higher and clearer standards of consumer protection across financial services.

The collection of essays in From Policy to Practice: Implementing Consumer Duty in the collections sector contains the reflections and experiences of eight CSA Member firms, and how they planned and implemented any necessary changes into their processes and systems.

Chris Leslie, CSA Chief Executive, said: “In this pamphlet you will see the values of a consumer-oriented approach placed at the heart of how many CSA member firms are working, and some of the specific actions they have taken to do so.

“This is a sector used to scrutiny and accountability; not only are the FCA regulating the sector but the Credit Services Association code of practice also governs many of these aspects of conduct for member firms.

“This essay collection is a sample of different approaches and is a useful series of case studies to show how the new policy is now rolled out in practice.”

The CSA has supported its members throughout their Consumer Duty through events and workshops, and a Consumer Duty hub available exclusively for members on the Association’s website, featuring guidance and other useful resources.

To view the full collection of essays click the button below.

Download brochure

The Credit Services Association (CSA) is the only national trade association in the UK for organisations active in the debt collection and purchase industry. Our membership employs nearly 11,000 people, held over £20bn of consumer debt for collection last year across over 20million accounts, and they held nearly £4bn of commercial debts in over 1.5million commercial accounts. Our members act on behalf of a large and diverse range of creditors including banks and utility companies, and comprises specialist organisations such as tracing agencies and law firms.. Further information on the CSA can be found at www.csa-uk.com.

Consumer Duty - www.fca.org.uk/firms/consumer-duty

Contributors to the collection:

• ARC Europe Limited
• Capquest
• Capital Resolve
• Lantern
• Lowell Financial
• Perch Group
• Phillips & Cohen Associates
• PRA Group

For more information contact CSA Interim Head of Marketing Chris Tynemouth.