FCA Rules and Regulation
Regulation through the FCA is designed to strengthen consumer protection in the following ways:
- increased flexibility through rule-making powers;
- more resource than the OFT;
- identifying and dealing with problems earlier;
- better standards in the industry e.g. by scrutinising firms more closely before they are allowed to carry on consumer credit activities; and
- improved access to redress.
This landscape represents a very different Regulator to that seen with the OFT.
The FCA has produced its own set of principles and rules seen below, under which firms are now required to operate. It is our experience that in order to ensure that firms meet their responsibilities, many are looking for support, advice and guidance, in order to be able to continue to offer their credit facility.
To view the rules applicable to Consumer Credit services follow the links below: