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On 1 April 2014 we will take over the regulation of the consumer credit industry from the Office of Fair Trading. We are now consulting on the detailed proposals for how we will do this......Read more HERE
Background – what’s happening?
On 1 April 2014 we take over from the Office of Fair Trading (OFT) to become the regulator for the consumer credit industry – this includes hire purchase, credit card issuers, payday loan companies, pawnbrokers, debt management and collection firms and providers of debt advice. We already have a Handbook of rules and guidance that other financial services firms have to follow and comply with, and we are now preparing to bring consumer credit firms into that same regulatory system. We are currently consulting on exactly how we plan to do that and how we think it will affect firms and consumers. For example, we know that some consumers who take out a payday loan often have problems paying it back. This worries us because these loans are often used by people in financial difficulty, so we’re proposing to apply tighter rules than before to make sure payday lenders treat their customers fairly. We want to hear from you, whether it’s about your concerns, general comments or based on your own experiences.......Read more HERE
Consultation Paper Link HERE
Response form Link HERE
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5corpio started a blog post CP13/10 - Detailed proposals for the FCA regime for consumer credit APR 2014CP13/10 - Detailed proposals for the FCA regime for consumer credit APR 2014
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#15corpio commentedEditing a commentA new rulebook will govern the behaviour of nearly 50,000 lenders and intermediaries in the consumer and small business credit markets from 1 April 2014. The Finance & Leasing Association (FLA) is hosting the Future of Consumer Credit Regulation conference on 5 November 2013 to discuss the impact of the new system. Prior to the conference, director general of the FLA, Stephen Sklaroff, gave a sneak peek into what was in store. Sklaroff spoke of the Consultation Papers published by the Financial Conduct Authority (FCA), which detailed how the new regime would work in practice. He made the point that many of the lenders and intermediaries in the consumer and small business credit markets would have had no previous experience with principles-based regulation.....Read more HERE
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