0 £0.00
This item was added to your basket
Search

Dear visitor,
You are viewing 1 of your 2 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Trade bodies for alternative lenders complete merger

The Consumer Finance Association (CFA) and the BCCA, which represent alternative lenders and high-cost short-term credit providers, have completed their merger.


Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter

Jason Wassell, formerly chief executive of the BCCA, has been appointed to run the new association – a body that brings together lenders, brokers and service suppliers. It will be the principal trade association representing the short-term lending sector in the UK.

 

The two organisations total over 60 members, ranging from new start-ups to market leaders such as Dollar Financial and Enova.

 

The legal agreement has seen the CFA purchase the assets of the BCCA. Both sets of directors have agreed that they will operate under the CFA brand.

 

Credit Strategy first reported news of the merger in July and since then, Wassell has explained the rationale for it.

 

He said: “Through this merger, we believe that we can better represent the entire sector, from new start-ups to the market leaders. Our members provide lending online and on the high street. We will continue to develop our growing representation of credit brokers.

 

“Any independent observer of high-cost short-term lending would agree that we have seen radical changes over recent years. Companies have entered and exited the market. The sector leaders are different. Products have changed, as has the customer base.”

 

Wassell added: “More importantly – we have seen real culture change. Go to any lender, talk to their staff, and you will hear them focus on treating customers fairly. It is time for us to also change our association to deal with the next set of challenges.”

 

“I am delighted to have been asked to be the chief executive of the new association. It is no secret that I have been keen to see the changes required to improve representation. It has required a formal process, but through great co-operation we have got this done very quickly.

 

“We have got off to a great start. Over the last few months we have engaged with the Financial Conduct Authority, with the Financial Ombudsman Service and other regulators as a single team.”

 

The first meeting of the new board will be held in late October, bringing together a mix of CFA and BCCA directors.

 

The joint team will work remotely across the UK, and plans are in place to close the offices in London and Warrington.

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Banks must publish quality of service information

Banks must publish quality of service information

British banks face ratings downgrade in case of “disruptive Brexit”

British banks face ratings downgrade in case of “disruptive Brexit”

Credit Strategy on podium at Lendy Cowes Week

Credit Strategy on podium at Lendy Cowes Week

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group
We use cookies so we can provide you with the best online experience. By continuing to browse this site you are agreeing to our use of cookies. Click on the banner to find out more.
Cookie Settings