Financial Conduct Authority should regulate consumer credit - FSCP

Currently the FSA regulates the notification of an unauthorised overdraft and the grounds on which payments may be bounced but not the overdraft itself, which is regulated by the Office of Fair Trading (OFT). The FCA will take over from the FSA once the anticipated Financial Services Bill is enacted. The Consumer Panel believes that consumer credit regulation should also be transferred from the OFT to the FCA. A subsequent review would then examine when it would be appropriate to move to an integrated Financial Services and Markets Act-based regime. Adam Phillips, chair of the Cons...