50,000 businesses who offer some form of credit to the UK consumer will now be subject to the FCA’s consumer protection rules and Principles for Business.
In 2015 the FCA’s consumer credit agenda will include a thematic review into the way payday lenders collect debts, plus studies into credit cards, overdrafts, debt management and logbook loans.
Stephen Sklaroff, Director General of the Finance & Leasing Association, said:
“The credit industry has worked very hard to meet what the regulator acknowledges to be a very challenging timetable.
“Many of the 50,000 credit providers which now fall under the FCA’s remit will be unfamiliar with Principles-based regulation and the complexities of a rulebook unveiled only four weeks ago. They will need time to adjust their processes.
“In the meantime, the FCA must work closely with the industry to maintain the supply of responsibly-provided credit to UK consumers and businesses.”
