UK consumer credit regulation under the FCA
This note describes the changeover of the regulatory regime for consumer credit from the Office of Fair Trading to the Financial Conduct Authority which will take place from 1 April 2014. It looks at changes to the treatment of various groups under the changeover and includes references to further information.
From April 2014 the Financial Conduct Authority takes over responsibility for the regulation of the consumer credit industry from the Office of Fair Trading. The FCA promises a more proactive type of regulatory approach and has already indicated its interest in the payday loan and debt collection sectors. The changeover involves a switch from a regulatory system based on statute - the Consumer Credit Acts, to one based on the FCA's Rulebook. The Government hope that this will make the system more flexible and responsive to market developments.