The FCA's Director of Consumer and Retail Policy has recently provided its view on where changes are required in the Consumer Credit market.
Consumer credit remains a key priority for the FCA and we focus on a few takeaways identified from the speech.
The FCA has advised:
It has concerns that consumer needs, particularly those in vulnerable circumstances require added protection
It is proposing a new Consumer Duty to set the standards for firms in all retail markets including consumer credit
It is scoping out the required items for regulation of buy-now-pay-later products with the consideration it carries