Consumer credit — preparing for a move to the FCA

We are on the verge of the biggest change in the regulation of consumer credit since the passage of the Consumer Credit Act 1974. Responsibility for consumer credit regulation will move from the Office of Fair Trading to the Financial Conduct Authority on 1 April 2014.

The change will result in a far more stringent regulatory regime and will require businesses that engage in consumer credit activities to devote greater resource and attention to compliance issues.

Among the significant changes that the new regime will involve are: a deeper and more detailed authorisation process; greater individual liability for those who run
or direct consumer credit businesses; and substantially enhanced reporting requirements…

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