Government plans to transfer consumer credit regulation from OFT to FCA

Resource type: Practice note

Status: Maintained

Jurisdiction: United Kingdom

An overview of the government's plans for a single retail financial services regulator in the UK. The government has decided to transfer the OFT's consumer credit responsibility to the FCA. The transfer is expected to take effect on 1 April 2014 (the date that the OFT will cease to exist). The government believes that this will address the fundamental weakness arising from the current split in responsibility for retail financial services between the OFT and the FCA.

Please note that we are in the process of updating this note to take account of the following consultation papers on the FCA's consumer credit regime, both of which were published on 6 March 2013:

A joint HM Treasury and Department for Business, Innovation and Skills (BIS) consultation paper, A new approach to financial regulation: transferring consumer credit regulation to the Financial Conduct Authority.
An FSA consultation paper, High-level proposals for an FCA regime for consumer credit (CP13/7).

For an overview of the proposals set out in these consultation papers, see Legal update, Government and FSA consult on transferring consumer credit regulation to the FCA.

PLC Financial Services

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Resource ID: 5-506-0185
Products: PLC UK Financial Services
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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Topics

Consumer CreditConsumer Credit (http://plc.practicallaw.com/5-103-1116)

Practice note: overview

An overview of the UK consumer credit regime An overview of the UK consumer credit regime (http://publicsector.practicallaw.com/topic8-502-9749)
Hot topics: New UK financial services regulatory structure Hot topics: New UK financial services regulatory structure (http://publicsector.practicallaw.com/topic5-502-5489)
Hot topics: The future of the OFT and consumer credit regulation Hot topics: The future of the OFT and consumer credit regulation (http://publicsector.practicallaw.com/topic6-504-7481)

Practice notes

Application of the Consumer Credit Act 1974 to loans secured on land Application of the Consumer Credit Act 1974 to loans secured on land (http://publicsector.practicallaw.com/topic5-508-2026)
Consumer Credit Directive: key changes to the UK regime from 1 February 2011 Consumer Credit Directive: key changes to the UK regime from 1 February 2011 (http://publicsector.practicallaw.com/topic6-504-5585)
Designated professional bodies Designated professional bodies (http://publicsector.practicallaw.com/topic5-202-2253)
FCA: role, governance and powers FCA: role, governance and powers (http://publicsector.practicallaw.com/topic6-504-5439)
Government's 2010/11 review of the consumer credit regime Government's 2010/11 review of the consumer credit regime (http://publicsector.practicallaw.com/topic5-506-0091)
Key differences between the CCA and FSMA regimes Key differences between the CCA and FSMA regimes (http://publicsector.practicallaw.com/topic9-506-0490)
OFT anti-money laundering regime OFT anti-money laundering regime (http://publicsector.practicallaw.com/topic1-506-2167)
OFT debt collection guidance OFT debt collection guidance (http://publicsector.practicallaw.com/topic8-505-9798)
Transfer of second charge mortgage regulation from OFT to FCA Transfer of second charge mortgage regulation from OFT to FCA (http://publicsector.practicallaw.com/topic2-505-9895)

Legal update: archive

Government and FSA consult on transferring consumer credit regulation to the FCA Government and FSA consult on transferring consumer credit regulation to the FCA (http://publicsector.practicallaw.com/topic8-524-9614)
Transfer of CCA regime to FSMA: scope of regulation destination table Transfer of CCA regime to FSMA: scope of regulation destination table (http://publicsector.practicallaw.com/topic7-525-3574)

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