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"This note is to make you aware that the Government and FSA intend to issue consultations on the transfer of consumer credit from the OFT to the new FCA week commencing 4th March 2013.
The Government consultation document sets out the proposed model for regulating consumer credit under the FCA. The paper describes the regime and explains how it meets the Government’s twin objectives of designing a regime that is effective and offers greater consumer protection, yet is proportionate and appropriate for the consumer credit sector. The consultation sets out how the Government intends to use its powers under the Financial Services Act 2012 to transfer credit to the FCA, and includes two draft statutory instruments that provide the legislative underpinnings of the transfer.
The FSA’s consultation paper complements the Government’s consultation document, and describes the approach the FCA intends to take to regulating credit, including how key parts of the FSMA model will be applied to the credit sector in future. The FSA paper includes also the first stage of formal consultation on new rules, covering at this stage high level rules such as the Principles for Business.
We will circulate links to the consultations once they have been published, along with a covering letter summarising the proposals and seeking your input on how we can most productively engage with members of the stakeholder forum and other interested parties during the consultation period. The Government and the FSA are keen to establish a dialogue during the consultation period – both to enable stakeholders to ask questions and discuss with policy officials and FSA staff the detail of what is proposed, and to give us an opportunity to understand and explore stakeholders’ views on our proposals. We have welcomed your input to date and we hope that you will find that your views have informed the design of the regime on which we are now consulting.
We hope that you find this advance notice of publication useful, and please do share this email with others who should be made aware of the consultations. "
The Government consultation document sets out the proposed model for regulating consumer credit under the FCA. The paper describes the regime and explains how it meets the Government’s twin objectives of designing a regime that is effective and offers greater consumer protection, yet is proportionate and appropriate for the consumer credit sector. The consultation sets out how the Government intends to use its powers under the Financial Services Act 2012 to transfer credit to the FCA, and includes two draft statutory instruments that provide the legislative underpinnings of the transfer.
The FSA’s consultation paper complements the Government’s consultation document, and describes the approach the FCA intends to take to regulating credit, including how key parts of the FSMA model will be applied to the credit sector in future. The FSA paper includes also the first stage of formal consultation on new rules, covering at this stage high level rules such as the Principles for Business.
We will circulate links to the consultations once they have been published, along with a covering letter summarising the proposals and seeking your input on how we can most productively engage with members of the stakeholder forum and other interested parties during the consultation period. The Government and the FSA are keen to establish a dialogue during the consultation period – both to enable stakeholders to ask questions and discuss with policy officials and FSA staff the detail of what is proposed, and to give us an opportunity to understand and explore stakeholders’ views on our proposals. We have welcomed your input to date and we hope that you will find that your views have informed the design of the regime on which we are now consulting.
We hope that you find this advance notice of publication useful, and please do share this email with others who should be made aware of the consultations. "
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