06 Mar, 2013
Financial Conduct Authority to Regulate Consumer Credit
The FSA has finally published its consultation on how it plans to introduce a strong and flexible regime to regulate consumer credit.
The Government has confirmed that it would transfer responsibility for regulating consumer credit from the OFT to the Financial Conduct Authority by 1 April 2014. The Government has also published a consultation on the legislative changes needed to transfer responsibility to the FCA.
The emphasis is on delivering better outcomes for consumers than the existing regime as a result of :
- Greater flexibility e.g. rule making powers, including product banning;
- Signifiantley More resources;
- The ability to tackle problems earlier through access to more information about firms, the scope to take a market-wide approach by requiring action from all firms in a sector and proactive supervision of higher risk firms;
-Higher-risk firms will face greater scrutiny before they are allowed to operate in the market.
- Tighter controls - integrity and competence of the individuals in key positions in all firms;
The FCA will also extend their current range of penalties - Fines; prohibitions etc
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