Two strikes and you’re out — the FCA gives further insight into the new consumer credit regime

In a live webinar this week, the Financial Conduct Authority (FCA) answered questions from consumer credit businesses about its proposed approach to regulation as set out in its October consultation paper.

The FCA confirmed its intention to impose a ban on the use of a Continuous Payment Authority following two unsuccessful attempts and confirmed that the two-attempts rule would apply for the full term of a loan and not to each payment due.

In relation to rollovers, the FCA remains open on the proposed limit to two but did highlight that it has received a broad scope of responses on this issue, including calls to impose a ban on rollovers altogether…

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