One of the principal functions of the Consumer Finance Division is to influence Regulatory Policy by both the Government and Financial Conduct Authority (FCA) at an early stage.
Much of the work is done by way of responses to consultative documents and regular contact with both FCA and Treasury officials – as well as other regulatory bodies.
This area provides information on current issues facing FLA members as well as links to the latest regulatory developments, consultations and FLA responses.
During 2024, our key priorities include:
- Promoting the role of consumer lending in supporting household budgets and the wider economy. This includes our Future of Credit Project.
- Supporting members with the second phase of Consumer Duty implementation – including closed books.
- Influencing the Government’s reform of the Consumer Credit Act.
- Pressing for more effective collaboration between the FCA and the Financial Ombudsman Service, to deliver greater certainty and proportionality on regulatory requirements for responsible lending.
- Greater consistency in the regulation of Claims Management Companies by the FCA and the Solicitors’ Regulation Authority.