The future regulation of consumer credit

The Panel is still in the process of forming its views on the proposed changes to the regulation of consumer credit.

In our response to the Department for Business Innovation and Skills (BIS) consultation on empowering and protecting consumers we set out our view that in the light of the abolition of the Office of Fair Trading (OFT) and the creation of the Competition and Markets Authority (CMA), we believe that the best way of ensuring effective protection for consumers of financial services is give the forthcoming FCA both concurrent competition powers and responsibility for the sort of market studies carried out by the OFT.

 

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