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FLA members speak to the regulator at credit conference PDF Print E-mail
Friday, 10 April 2015

The Finance & Leasing Association’s (FLA) 18 March conference for members, on the new Financial Conduct Authority (FCA) regulatory regime for credit, captured the mood of the industry with its title, ‘What Does Good Look Like?’

Polled at the event, a large majority (60%) of attendees said that the greatest regulatory challenge facing them was understanding what ‘good’ compliance would look like in specific markets, from the FCA’s perspective.
 
Delegates were also asked about their experience of preparing for, or going through, authorisation under the new regime. 76% said it was onerous, but 72% had found the FCA either helpful or very helpful in answering their queries. The remaining 28% said the FCA’s service had been unhelpful.
 
Fiona Hoyle, Head of Consumer Finance at the FLA, said:
 
“Having been constructed and implemented on such a short timetable, it is not surprising that a regulatory regime of this size and complexity covers many areas where more clarity is still needed.
 
“The real test for the regulator is how quickly they can sort out the queries, so that the regime can then bed down. We welcome the very collaborative approach the FCA is taking with us to help achieve this.”

(Source - FLA News Release)
 

 

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