3rd December 2013

BBA responds to FCA CP13/10 on the new regulatory regime for Consumer Credit

The BBA has submitted a detailed response to the FCA consultation on draft rules for the regulation of Consumer Credit.

Although we are supportive of having a single statutory regulator for retail financial services we do have concerns about the accelerated timetable for creating and implementing the new regime.  Our response identifies the key conduct changes required by the draft FCA rules and challenges the FCA’s assertion that the new regime equates to a ‘steady state’ transposition of current regulatory requirements. We seek clarification of a number of draft provisions and identify where the draft rulebook conflicts with existing legislative and regulatory requirements.

The response can be found below.

For more information please contact paul.ross@bba.org.uk