News Details

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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