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Frank Horvath MD reflects on a Year in Credit

19th December 2019

Frank Horvath MD reflects on a Year in Credit

Against a backdrop of political uncertainty, 2019 has been a year of evolution rather than revolution in the consumer credit, debt purchase and debt collection markets.  The UK electorate, on the back of a parliament beset by Brexit pains, faced a “turn left or turn right” choice in the December 12th general election the outcome of which will likely set the economic path for a generation

The concerns of the UK consumer credit industry may seem petty and unimportant in this context, but they do have a life changing impact on our customers, as well as a financial impact on our investors and stock holders.

The FCA  have been looking at the themes of  viability and fairness to consumers in  the process of broker-driven auto financing at a time when the reducing level of PPI claims pay-outs is impacting consumers ability to finance deposits for new vehicles.

As far as the treatment of vulnerable customers goes, the FCA seems to recognise that most firms now have effective processes and well trained staff to handle those most in need of assistance, and there have been no new requirements in this area.

There has been a racking of brains and emptying of some pockets when it has come to the future of financing of free debt advice.  A hoped for clarification and way forward in terms of the Wyman report came to little and government’s pre-occupation with Brexit has meant little time to get ministers or officials to move this forward in a considered way.

Here at Link Financial Outsourcing, we have had another busy year.

We celebrated our 20th Anniversary with a number of events including sponsorship of the Credit Strategy Awards in London in the summer.  We were also delighted to be able support the event’s nominated charity, the Bone Cancer Research Trust with a special anniversary donation of £20,000.

The charitable activity didn’t end there as our teams have been very active in fund raising for numerous charities a total of £20,000 for Dementia UK, CLIC Sargent and Velindre Cancer Centre among others.

I was delighted to have been appointed to the CSA Board in February and really appreciate the opportunity to serve the industry in a “hands on” way.

As ever, our Customer First ethos has been front and centre of our activities and we have continued to invest in systems and processes to ensure that we do the right thing in a controlled and prescribed manner, particularly with special segments of customers like those suffering from mental health issues.

In September, we were very proud indeed that our team achieved the highest score in the CSA Collector Accreditation Initiative tests, winning at the UKCCC awards for an amazing 5th year in a row. CAI accreditation is an excellent benchmark, and our successful results reflect the importance that Link attaches to learning and development.

We look forward to an exciting 2020 and wish all of our clients a very happy New Year.