Gateley

All change for consumer credit

The Consumer Credit Act has been on the statute book for almost exactly 40 years. At midnight on 31 March 2014, it encountered the most significant set of changes that have occurred during its lifetime.

On 1 April, supervision of consumer credit moved to the Financial Conduct Authority (FCA). It is fair to say that the transition was made with indecent haste, and the industry as a whole (together, one would suspect, with its new regulators) is now trying to get to grips with what has happened.

Regulation is moving from the statute-based system with which we are familiar to a handbook system. With it, the whole philosophy of regulation has changed. Firms will need to take this on board as it represents a sea-change in how they will have to think and deal with their customers…

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