Consultation outcome

A new approach to financial regulation: reforming the consumer credit regime

This consultation was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Download the full outcome

Detail of outcome

Summary of responses to consultation on reforming the consumer credit regime

Original consultation

This consultation ran from to

Summary

Seeking views on transferring responsibility for the regulation of consumer credit from the Office of Fair Trading to the new Financial Conduct Authority.

Documents

A new approach to financial regulation: consultation on reforming the consumer credit regime (PDF 749KB)

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A new approach to financial regulation: consultation on reforming the consumer credit regime – impact assessment (PDF 519KB)

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Responses to the consultation A-B (PDF 4.5MB)

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Responses to the consultation C (PDF 5.4MB)

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Responses to the consultation D-E (PDF 4.8MB)

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Responses to the consultation F-L (PDF 4.4MB)

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Responses to the consultation M-R (PDF 6.2MB)

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Responses to the consultation S-Z (PDF 6.1MB)

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Consultation description

Background

The Government wants to ensure that the consumer credit regulatory regime is fit for the future, flexible and able to keep up with a fast-paced, innovative market. 

This consultation document considered the merits of transferring responsibility for the regulation of consumer credit the Office of Fair Trading (OFT) to the new Financial Conduct Authority (FCA).

The Government received over 100 responses from a range of stakeholders, including consumer credit licence holders, trade associations, consumer groups, local authorities and trading standards services, legal practitioners and academics.

On 26 January 2012, the Government announced that the Financial Services Bill includes provisions enabling a transfer responsibility for consumer credit to the FCA, under the same legislative framework as other financial services, while retaining the existing consumer rights and protections in the Consumer Credit Act 1974 (CCA) .

The Government will exercise these powers if and when it has identified a model of FCA regulation that is proportionate for the different segments of the consumer credit market. The exercise of these powers will be subject to impact assessment and the approval of both Houses of Parliament.

The Government is confident that a proportionate and effective consumer credit regime in the FCA will be deliverable.  However, the Government retains the option to improve consumer protection by enhancing the regulatory powers and approach under the CCA, should it conclude that a model for consumer credit regulation under FSMA and the FCA cannot be delivered in a way that improves consumer protection while delivering good regulatory proportionality and value.

The Financial Services Bill and further detail on the Government’s announcement, can be found in the Financial Services Bill section of this website:

Further detail on consumer credit and debt can be found on the website of the Department for Business Innovation and Skills: