Registry Trust responds to FCA strategy 2022-2025: Supporting with data-driven decision-making
Registry Trust, the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines, has responded to regulator the Financial Conduct Authority’s (FCA) newly published strategy for 2022-2025. CEO Lex Jones says:
“FCA’s new strategy sets out the regulator’s ambitions around three key areas of focus which will support the economic recovery from the Covid-19 pandemic and minimise the impact of the current cost-of-living crisis. There is a sense of the urgency around accelerating change within the financial services sector with data-driven decision-making at its heart.
“As an organisation with an abundance of ‘live’ data on indebtedness which is used by the financial services sector, other businesses, and consumers themselves to make key decisions, Registry Trust is on a mission to continuously improve the quality, accuracy, and transparency of this information.”
Registry Trust has identified how its three lobbying priorities are aligned with and can support the FCA’s areas of focus over the next three years:
- Reducing and preventing serious harm: Removing the onus from potentially vulnerable defendants to notify the courts of a ‘satisfied’ county court judgment (CCJ) would be an easy way of avoiding the unnecessary harm caused to those who have fully settled a debt but do not realise that it is still impacting their creditworthiness, or do not know how to resolve this.
- Setting and testing higher standards: The inclusion of claimant data on the Register of Judgments, Orders, and Fines for England & Wales would significantly increase transparency of firms’ treatment of customers. This would not only provide useful regulatory data but also publicly hold firms to account.
- Promoting competition and positive change: The Register of Partial Settlements we are currently working on will open up greater access to credit and make partial payment of debts more worthwhile for all involved, both promoting competition and positive change for those making a financial recovery.
“These relatively small changes to the Register of Judgments, Orders, and Fines and the CCJ process offer clearly measurable ways of supporting the delivery of FCA’s objectives to 2025,” Lex adds. “The role of data in addressing the huge challenges currently facing our society should not be under-estimated.”
Stakeholders who want to collaborate with Registry Trust on the development of its campaigns should contact us on info@registry-trust.org.uk
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