George Banco on the Credit Today’s Credit Summit Panel
George Banco MD, Marc Howells, was a guest panelist at Credit Today’s Credit Summit 2015 on 27 March at the QEII Centre, Westminster. More than 400 delegates attended the highly-regarded event in which more than 150 speakers appeared across 70 sessions and 9 conferences.
The day opened with a keynote speech by Christopher Woolard, the FCA’s director strategy and competition, where he discussed the FCA’s regulation of the marketplace, raising industry standards, high cost credit, debt management firms, debt collection and consumer affordability.
Creating a Sustainable MarketPlace
Woolard told the delegation that the FCA’s objective: “is not to achieve a smaller market. It is towards a sustainable one.” Following up that “As a regulator, we want to enable change, not to force it. “We will tirelessly continue to dedicate resources and use our powers to respond to complaints about the practices and financial promotions of individual firms.” He went on to say that “In the short term as we find we cannot reconcile bad practices in some markets with our standards, we expect to see a reduction in the number of firms.”
Marc Howells said of the keynote speech, “It was a very balanced view of consumer finance and periphery services with regards to both regulation and the wider view of the future of industry. I was pleased to have been at the summit and to have heard it in person.” Marc Howells spoke at the Alternative Lending Conference’s panel, chaired by the CCTA’s Russell Hamblin-Boone, to answer the question:
What does sub-prime lending look like to you under FCA supervision?
Alongside colleagues from the regulator and payday industries, Marc discussed how a balance is needed between the negativity in the press, regulation, and customer needs and wants and that choking supply does not reduce consumer demand.
A brighter financial future
George Banco has been built on the foundations and policies the FCA has put in place, so although we can’t change a customer’s history, we can help steer them towards a future of easier APR, through our innovative RateDropper loans, where we progressively reduce the rate to 29.9% as the term lessens, and our customer journey that allows the customer to rebuild and repay.
Geremy Thomas CEO, of George Banco commented.
“Everyone here at George Banco is dedicated to helping clean up the industry and its reputation. We plan to be here for the long haul, helping those in need to benefit from a better financial future.”