CCR Magazine

You are here  :Home arrow News arrow FLA response to FCA consultation on future mission
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
FLA response to FCA consultation on future mission PDF Print E-mail
Friday, 27 January 2017
Commenting on the FLA’s response to the FCA’s consultation on its future mission, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said:   “Consumer credit firms now account for at least 35,000 of the 56,000 regulated by the Financial Conduct Authority, so we agree it is time for the FCA to review both its Mission and how it applies its resources.

“The vast majority of firms in our sector do not have designated supervisors to help them negotiate the highly complex mix of principles, conduct rules, guidance, threshold conditions, approved person standards, and the plethora of additional requirements that make up the current regulatory framework for consumer credit. The FCA needs an effective way to communicate with credit firms on a day to day basis.

“To aid compliance, we would like to see a more user-friendly regulatory system which is straightforward to access and that highlights changes when they are made. We also need to sort out the poor fit between the Consumer Credit Act and the rest of the FCA’s powers. The Act can still render credit agreements unenforceable for very minor reasons. Nothing similar applies in the other markets regulated by the FCA. We need a much more consistent and proportionate approach to supervision and redress.”
 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197