27 January 2012
The Financial Services Consumer Panel has today welcomed the announcement of the intention to transfer of responsibility for consumer credit to the new Financial Conduct Authority (FCA) from the Office of Fair Trading (OFT).
The FCA will take over from the FSA once the anticipated Financial Services Bill is enacted.
Adam Phillips, Chair of the Consumer Panel, commented:
"The Consumer Panel welcomes the intention to transfer responsibility for consumer credit regulation to the FCA.
The Panel has long advocated this commonsense proposal which is what most people assume to be the situation now. When this happens, this will create a single regulator responsible for delivering effective consumer protection, whether consumers are saving or borrowing money. However, we consider it essential that all consumer protection mechanisms under the existing Consumer Credit Act are retained through this transfer ."
Notes to editors
- The Panel will be issuing further comment on the Financial Services Bill once it has had the opportunity to examine it in detail.
- The Consumer Panel position paper on Consumer Credit Regulation [PDF].
- The Consumer Panel's research on Consumer Credit.
- The Consumer Panel is a statutory body under the Financial Services and Markets Act 2000 and was initially established by the Financial Services Authority in December 1998. The Panel advises the FSA on the interests and concerns of consumers and reports on the FSA's performance in meeting its objectives
- The emphasis of the Panel's work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA's remit. More information about the Panel's work is available on this website.
- Panel members are appointed to serve a maximum of two terms of three years.