The Financial Conduct Authority (FCA) will take over the regulation of consumer credit from the Office of Fair Trading (OFT) on 1 April 2014.
Why are we issuing this Policy Statement (PS)?
This policy statement (PS) sets out our decision about carrying across some Consumer Credit Act (CCA) secondary legislation into FCA rules. We will consult on the further detail of our consumer credit regime later this year.
This follows the recent legislative changes made by Parliament that enable the transfer from the OFT to the FCA to go ahead.
Who is this PS aimed at?
This paper will interest:
- firms that currently hold individual or group consumer credit licences issued by the OFT under the CCA
- credit unions
- trade bodies representing consumer credit firms
- PS13/8 FCA regime for consumer credit: carrying across some Consumer Credit Act secondary legislation into FCA rules - Including made rules
What are the next steps?
Our forthcoming consultation paper will set out our full approach and will interest consumers and consumer bodies.