All change: What you need to know about consumer credit regulation

In January 2012, the government announced it would transfer the regulation of consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA), and set out two requirements for the new regime: • Strengthening consumer protection • Proportionality (requirements should only be placed on firms when there is a clear benefit to consumers) In March this year, the Financial Services Authority (FSA) published CP13/7, which outlines the proposed regime for the regulation of consumer credit, as well as how it will meet the government’s above requirements: 1 Str...