The director of consumer credit at the Office of Fair Trading (OFT) has revealed that he wants to intervene early against firms that pose risks to debtors. Speaking at Credit Today’s Compliance and Regulation conference in London, David Fisher also warned delegates that the new regulator, the Financial Conduct Authority (FCA), will be able to act “much faster” on regulatory issues than the OFT. Fisher, addressing an audience at the QEII centre near Parliament Square for the Credit Summit, also made a string of revelations on the nature of the FCA and how it might operate.

He said: “I am in favour of intervening early and being tougher and bolder, to tackle risks to consumers before they crystallise.” A defiant Fisher also warned the credit industry that, despite undergoing a change process to a new regulatory regime, there would be no let-up across the OFT, adding: “Not for a moment will we allow a gap in effective enforcement. We are determined to be an effective regulator to the end of the transition and beyond....Read more here