FCA announces preparation for senior preparation for senior manager regime roll-out

The Financial Conduct Authority (FCA) has reaffirmed the regulator’s focus on affordability, business models and culture in the consumer credit sector.

Speaking in London this week, Jonathan Davidson, executive director of supervision – retail and authorisations at the FCA, noted that growth in the sector has slowed, increasing 6.5% over the last 12 months, according to latest figures from the Bank of England. The sector, however, remains “by far and away” the largest sector in terms of the number of firms the FCA supervises, with approximately 40,000 authorised businesses.

He also said that the uncertain economic environment facing UK businesses, but reassures firms that “while Brexit adds to this uncertainty, the one thing that is certain is that the day after Brexit will not change the way we companies are regulated.

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