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High-Cost Consumer Credit Review

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High-Cost Consumer Credit Review High-cost Consumer Credit Review Submission from the Association of British Credit Unions Limited Contact details Mark Lyonette – Chief Executive [email protected] Tel: 0161 819 6997 Or Abbie Shelton – Policy and Communications Manager [email protected] Tel: 0161 819 6994 www.abcul.coop ABCUL’s Response – High-Cost Consumer Credit Review Introduction We welcome the opportunity to respond to this consultation. As the main trade association for credit unions in England, Scotland and Wales, ABCUL represents around 70% of credit unions, which in turn provide services to over 80% of British credit union members. At the end of June 2008, credit unions in Great Britain were providing financial services to 655,000 adult members1 and had £429 million out on loan to members. The majority of loans made to credit union members are unsecured. Credit unions are financial co-operatives that are owned and controlled by their members. They offer ethical, not-for-profit, inclusive financial services often in competition with high-cost lenders. Credit unions are a small part of the unsecured loans market in the UK, but their significance is growing as the sector grows and as other lenders put a squeeze on smaller, shorter term loans that often form a large proportion of the loans that credit unions make available to their members. Credit unions are unique in the UK in having a legal ceiling set on the amount of interest they can charge on loans. This was increased from 1% a month on the reducing balance to 2% a month on the reducing balance in 2006. This was in recognition of the fact that it is very difficult for credit unions to sustainably lend small amounts of money over short periods of time at the previous maximum interest rate. The Credit Unions Act 1979 sets down in statute the objects of a credit union; these are four-fold: 1. The promotion of thrift among members; 2. The creation of sources of credit for the benefit of members at a fair and reasonable rate of interest; 3. The use and control of their members’ savings for their mutual benefit; and 4. The training and education of members’ in the wise use of money and in the management of their financial affairs. Although the Credit Unions Act is to be amended in the coming months in order that the movement can grow more easily, these founding principles and capped interest rates are to remain at the core of the credit union ethos and way of working. Credit unions are authorised and regulated by the Financial Services Authority and comply with FSA rules including those on Treating Customers Fairly. Credit Unions and Financial Inclusion Because of credit unions’ ethical practices and not-for-profit model, in addition to the fact that many are based in local, low-income communities, they have consistently been placed centre stage in Government’s Financial Inclusion Strategy and Action Plan. 1 Figures from unaudited quarterly returns provided to the Financial Services Authority © ABCUL, Holyoake House, Hanover Street, Manchester M60 0AS www.abcul.coop ABCUL’s Response – High-Cost Consumer Credit Review Credit unions are tasked with extending the reach of affordable credit and are supported in doing so by the Financial Inclusion Growth Fund, which provides capital for on-lending through credit unions and community development finance institutions (CDFIs). This fund is administered by the Department for Work and Pensions (DWP) and, after the addition of £18.75 million in this year’s budget, has provided almost £100 million to extend the reach of affordable credit. In addition to this, ABCUL and two of our member credit unions are delivery partners for the FSA’s ‘Moneymadeclear’ money guidance pathfinder which provides people with impartial money guidance to improve consumer confidence and decision making. Both the Government and the Conservative financial services white papers have pledged their support to rolling this service out nationally and ABCUL are committed to promoting further engagement of credit unions with the service as a means to better complement our statutory responsibility to promote financial capability within our membership. In the course of these inclusive activities, our members consistently come into contact with financially excluded, vulnerable individuals and those that are most likely to use high-cost credit. Furthermore, credit unions are often called upon to assist those who fall into difficulties through excessive and inappropriate use of consumer credit. The nature of credit unions, their centrality to Government’s financial inclusion strategy and their commitment to promoting sound finances within their membership puts them in a unique position to comment on the nature of the high-cost consumer credit market. Summary of Response 1. Understanding Consumer Behaviour • High-cost credit users, because of the nature of the market and their circumstances, do not approach credit decisions in the same manner as users of mainstream credit. Restricted options, greater consideration of affordability of payments, poor financial capability and the nature of high-cost credit offerings characterise their approach to credit. Because of these factors alternatives to standard consumer protection measures need to be considered. • APR is ineffective as a comparison of high-cost credit and an alternative system based on the Total Cost of Credit, should be considered. 2. Understanding Lender Dynamics • The banking crisis has led to many high cost lenders pulling out of the market or closing their doors to new business. Those that remain have taken the opportunity to move back ‘up-market’ sometimes to those previously served by mainstream lenders. Despite households wanting to borrow less in difficult economic times there is the real potential to create a credit vacuum at the lower end of the market. This should be a cause for concern as it may give rise to an environment in which scams may flourish and where consumers have less and less legal choices. This review is a very welcome attempt by Government to understand the changes in this market. © ABCUL, Holyoake House, Hanover Street, Manchester M60 0AS www.abcul.coop ABCUL’s Response – High-Cost Consumer Credit Review • ‘Innovative’ organisations such as BrightHouse (rent-to-buy) and Richmond Group (credit brokerage), adopt creative measures which allow them to avoid the scrutiny that more straightforward high-cost credit companies receive despite offering services that have the potential for considerable consumer detriment. 3. Quantification of consumer detriment found in relation to high-cost credit and the development of appropriate remedies where necessary • The restrictions upon the availability of consumer credit – especially in the high-cost market – are creating a worrying scenario. As the lack of credit increases a vacuum can be created whilst the consumer’s credit needs remain. The options left open to the low-income consumer might consist only of credit unions, CDFIs and illegal, unlicensed moneylenders. Despite good growth in recent years the credit union sector is not yet at a scale where it can provide a comprehensive, competitive offering all over the UK. Credit unions are very concerned about the rates that operate in this sector. Indeed many credit unions see it as major part of their mission to provide an alternative. However in the short term simply imposing a rate cap without a parallel growth in affordable credit could increase consumer detriment. • Therefore Government should continue to support the development of inclusive affordable credit and the regulator should act carefully in order not to enflame consumer detriment inadvertently. • The Government has the potential to facilitate much greater competition and diversity in this sector and bringing forward a major new source of affordable credit through its partnership with the Post Office. ABCUL and Post Office Limited are working together to bring forward proposals in this area. 1. Understanding Consumer Behaviour The High Cost Credit Market The market for high-cost consumer credit is very different to the mainstream market. Factors influencing the decision to enter this market are generally one or a combination of the following: 1. An inability to access mainstream credit; often due to poor credit history or lack of a bank account and to the nature of the loan needed. Mainstream lenders consider loans for small amounts over short periods not cost-effective apart from via overdrafts and credit cards. 2. Cost considerations – generally consumers consider the affordability of weekly payments over the APR or total cost-to-borrow. 3. Consumer confidence and financial capability – many users of high-cost consumer credit are poorly informed as to the factors they should consider and the alternatives open to them when considering their credit options. 4. The nature of door-step lenders, pawnbrokers, sale and buy back stores and pay-day lenders is that they are quick, easy and convenient to use. They are often the only lenders within manageable walking 2 distance of the poorest areas and may ask fewer questions before issuing credit. 2 Considerable research has been conducted in this area see: Ellison, A., (2008), Transitioning high risk low income borrowers to affordable credit, (Policis and BERR, UK); Jones, P. A., (2001b), Access to Credit on a Low Income: A Study into How People on Low Incomes in Liverpool Access and Use Consumer Credit (The Co-operative Bank, Manchester); © ABCUL, Holyoake House, Hanover Street, Manchester M60 0AS www.abcul.coop ABCUL’s Response – High-Cost Consumer Credit Review 5. Availability and flexibility of credit product combined with good customer service is an attractive offering for many. Credit unions strive to provide services in competition with these but are often faced with difficulties because of poor awareness and financial capability. Steps need to be taken to address these issues and to promote greater competition in this market – a recent campaign in Glasgow sponsored by the city council demonstrates what can be achieved by government backed credit union awareness campaigns (http://www.cucity.co.uk/).
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