01/04/2014
FCA Takes Over Regulation Of Consumer Credit Firms
The Financial Conduct Authority (FCA) today formally took responsibility for regulating the £200 billion consumer credit market.
50,000 businesses who offer some form of credit to the UK consumer will now be subject to the FCA's consumer protection rules and Principles for Business. This means every person that uses a credit card, has an overdraft, seeks help from a debt management firm, or takes out a loan will be better protected than before.
Financial Conduct Authority Chief Executive, Martin Wheatley, said: "We have a big task ahead; it’s our job to make sure firms put their customers at the heart of their business and don’t just see them as an easy target or a profit line.
"We won't shy away from taking tough, decisive action to make sure that the people who rely on these products are treated fairly. There will be some firms that don’t get the message, or won’t play ball, those firms should know that we won’t let them carry on."
(CVS/CD)
50,000 businesses who offer some form of credit to the UK consumer will now be subject to the FCA's consumer protection rules and Principles for Business. This means every person that uses a credit card, has an overdraft, seeks help from a debt management firm, or takes out a loan will be better protected than before.
Financial Conduct Authority Chief Executive, Martin Wheatley, said: "We have a big task ahead; it’s our job to make sure firms put their customers at the heart of their business and don’t just see them as an easy target or a profit line.
"We won't shy away from taking tough, decisive action to make sure that the people who rely on these products are treated fairly. There will be some firms that don’t get the message, or won’t play ball, those firms should know that we won’t let them carry on."
(CVS/CD)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
