Call for Input: review into change and innovation in the unsecured credit market

Call for Input published
Deadline for responses

We’re asking for views on change and innovation in the unsecured credit market as part of a review considering how regulation can better support a healthy unsecured lending market (the Woolard Review).

Read this Call for Input (PDF)

Why we are asking for your views

Unsecured consumer credit – which includes credit cards, overdrafts and, increasingly, unregulated products such as some ‘Buy-Now-Pay-Later’ arrangements or lending through payroll – is part of many people’s everyday lives. When it works well, a healthy credit market can help consumers to manage their finances and broaden their choices, which supports the wider economy. When it doesn’t work well, consumers can end up losing control of their finances, affecting their health, relationships and employment.       

We want to know how this important market is changing, particularly in the light of coronavirus (Covid-19), and how regulation can support a healthy unsecured lending market. So the FCA Board asked Christopher Woolard, previously our interim chief executive, to conduct a review into change and innovation in this market. 

As part of the Woolard Review, he is asking for your views on this market.  

Who this applies to

We are keen to get views from key stakeholders, including: 

  • consumer groups 
  • regulated and unregulated providers of credit
  • trade bodies 
  • retail businesses 
  • and employers 

Next steps

The call for input asks questions under 4 themes and asks you to provide evidence, where you can, to support your responses. Please send us your comments using our response form or via email to [email protected] by 1 December 2020

Online response form

The review team will be seeking evidence through a series of roundtables in November, individual interviews and research, as well as this call for input. The work will be supported by an Advisory Panel, which will bring a range of perspectives from firms and consumer groups to shape the review. 

Your feedback will be used to help inform Mr Woolard’s report and recommendations to the FCA Board in the New Year.