Red tape threatens credit market

All new regulations for the consumer credit market should be examined by the Government for unintended and potentially damaging consequences, Stephen Sklaroff, FLA director general is set to tell the FLA Consumer Finance Conference today. The industry is still implementing a huge volume of new regulation created by the last Government and this comes at a cost, he believes. "Some customers are already finding it hard to get credit in the regulated markets, raising the risk of financial exclusion and, as a result, more frequent recourse to loan sharks. In April the amount of credit gran...