In the UK financial institutions offering credit to consumers must comply with rules set out in the UK Consumer Credit Act (known as CCA3) and, from June 2010, new rules introduced by the European Consumer Credit Directive 2008/48/EC (known as CCD). This legislation is designed to protect consumers and create a fair and competitive market for credit.

There is lots of help and information available on what CCA3 and CCD are and the legal implications but very little real help with regards to exactly what changes financial institutions need to make to their IT systems.

Changes will be required in the following areas of financial institutions IT systems:

Engines	Channels	MI	Customer
Core Banking	Branch	Regulatory	Contact Management
Asset Finance	Electronic Banking	Management
Cards	Phone
	Mail
	Tied Sales Force
	Brokers/Agents

 

RCS Consumer Credit Centre of Competence

The Centre of Competence has been established specifically to work with financial institutions IT teams to help them deliver adherence to CCA3 and CCD.

Before launching the Centre of Competence, and to fully understand the impact of the new legislation on financial institutions IT systems, the RCS team broke the legislation down into manageable ‘components’ based on the approach taken in the Office of Fair Trading’s own guidance and for each part of the Banking Operations Framework detailed what components of the legislation have an impact.

All services will start with a short, sharp tailored on-site workshop which is charged on a fixed-fee basis.

The RCS consultants involved in the Consumer Credit Centre of Competence are experts in their fields and are deeply involved in CCA3 and CCD projects.

Started your CCA3 and CCD Project?

If the institution has already started CCA3 and CCD projects then the RCS team will review all current project plans to identify any gaps, then develop the amended project plans and schedules. Additionally the RCS team can work with the institution on the delivery stage of the plans.

Not Started your CCA3 and CCD Project?

If the institution has not yet started CCA3 and CCD projects then the RCS team will develop the appropriate projects plans and schedules. Additionally the RCS team can work with the institution on the delivery stage of the plans.

Downloads

Consumer Credit Centre of Competence Press Release
Implications to Retail Core Banking Systems for Adhering to CCA and CCD White Paper