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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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17 December 2004
Consumer credit shake-up targets rogue lending
Tough new sanctions on rogue lenders could be introduced under a new Bill introduced in the House of Commons by Trade and Industry Secretary Patricia Hewitt. Measures in the Consumer Credit Bill would create a fairer, clearer and more competitive credit market, by bringing in new rules to give consumers better protection and more rights.
Consumer credit shake-up targets rogue lending
Tough new sanctions on rogue lenders could be introduced under a new Bill introduced in the House of Commons by Trade and Industry Secretary Patricia Hewitt. Measures in the Consumer Credit Bill would create a fairer, clearer and more competitive credit market, by bringing in new rules to give consumers better protection and more rights.
01 February 2011
New Rights To Benefit Consumers
Consumers should take advantage of new rights aimed at protecting them and encouraging lenders to act more responsibly, Consumer Minister Edward Davey said today as the EU Consumer Credit Directive came into force.
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Consumers should take advantage of new rights aimed at protecting them and encouraging lenders to act more responsibly, Consumer Minister Edward Davey said today as the EU Consumer Credit Directive came into force.
22 April 2004
Lenders warned over 'irresponsible' credit offers
Credit card companies have been warned that there will be no room for irresponsible lenders in the marketplace of the future. According to the Consumer Minister Gerry Sutcliffe, companies must improve data sharing to help promote "responsible lending" and crack down on those who exploit the most vulnerable borrowers.
Lenders warned over 'irresponsible' credit offers
Credit card companies have been warned that there will be no room for irresponsible lenders in the marketplace of the future. According to the Consumer Minister Gerry Sutcliffe, companies must improve data sharing to help promote "responsible lending" and crack down on those who exploit the most vulnerable borrowers.
19 May 2005
Consumer Credit Bill re-introduced to Parliament
The Consumer Credit Bill is being re-introduced into Parliament today, the government has announced. The Bill, which completed most of its stages in the last Parliament, aims to create a “fairer, clearer and more comeptitive credit market” by tighting regulations and giving borrowers better protection and improved rights.
Consumer Credit Bill re-introduced to Parliament
The Consumer Credit Bill is being re-introduced into Parliament today, the government has announced. The Bill, which completed most of its stages in the last Parliament, aims to create a “fairer, clearer and more comeptitive credit market” by tighting regulations and giving borrowers better protection and improved rights.
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