We are seeking input on the planning phase of the review of retained provisions of the Consumer Credit Act (CCA). In particular we are looking for views from stakeholders on priorities, timings and conduct of the review.
Why are we publishing this Call for Input?
We took over responsibility for regulating consumer credit in April 2014. As part of the transfer of regulation, Parliament repealed some CCA provisions, and some of these were replaced by FCA rules. We are required to review remaining CCA provisions and to report to HM Treasury by 1 April 2019.
We are publishing this Call for Input to seek initial views from stakeholders to inform the planning of the review and help us shape the regime. In particular, we are asking stakeholders for views on:
- Whether to prioritise particular provisions for review?
- Whether provisions should be considered for earlier review?
- How best to engage with stakeholders?
Who is this Call for Input aimed at?
We welcome views from anyone interested in or affected by the regulatory regime for consumer credit.
This Call for Input closed on 18 May 2016.
CCA retained provisions review update
We received 57 responses to our Call for Input from a wide range of stakeholders. Over the last few months we have analysed these responses in detail to understand the key themes that have emerged. These themes are forming a basis for our wider planning work and analyses that we are undertaking to scope the review.
We are planning to publish a summary of the responses to the Call for Input in the first half of 2017. We are also planning to outline the scope for the review, and approximate timelines taking us up to 1 April 2019.
In addition to this, in the Call for Input we discussed an intention to establish stakeholder consultative groups comprising representatives from across consumer credit markets and consumer organisations. The input from these groups will be in addition to wider consultation that we will be carrying out to allow all interested parties to respond. If your organisation would be interested in participating in these groups in the future we would like to hear from you - please email us at CCAreview@fca.org.uk by 31 January 2017.