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Regulatory considerations for Consumer Credit Firms

Updated: May 20, 2022

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