The Financial Conduct Authority (FCA) has recently sought to clarify the imminent changes to the regulatory regime governing consumer credit by launching a series of webpages highlighting the similarities and differences between the FCA regime and that currently operated by the Office of Fair Trading (OFT).
While the full transfer of jurisdiction is expected to take place by March 2014, the FCA will only take over the OFT’s current responsibilities for the regulation of consumer credit from April 2014. After this date, the following activities will fall under FCA supervision: lending or brokering credit, whether or not secured on land; being a credit reference agency or providing credit information services; debt collection and debt administration services; and carrying out activities in relation to contracts for the hire of goods.
The online guidance aims to provide clarity regarding some of the key features of the new regime, which is intended to make regulation simpler for both firms and consumers…
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