PwC response to FCA’s consumer credit final rules

Published at 10:54 AM on 28 February 2014

In response to the FCA’s publication of the final rules for the regulation of consumer credit from 1 April 2014, Craig Gentle, PwC’s consumer credit lead and financial services risk and regulation partner, commented:

“Today’s rules set the scene for the biggest overhaul of the consumer credit industry in four decades. Anyone applying for credit and all companies who supply credit will be affected, and the number of firms under the FCA’s watch will triple with the transfer of consumer credit regulation from the OFT.

“While a lot of focus has been on payday lending, it is important to remember that this not only affects financial services providers, but all companies that provide credit facilities ranging from retail store cards to second hand car dealerships and dental practices.

“The new rules may be the final piece of the jigsaw, but mark only the beginning of the transition for many firms. Despite a common assumption that firms have a six month safety window after April, the FCA can still directly intervene in the financial promotions of firms and ensure a firm is meeting its obligation to treat its customers fairly in the meantime if necessary. Firms need to consider the implications of the new rules now to assess where there are gaps between the rules and their business, and establish a plan for closing them.”


Ends

Notes to editor:

Craig Gentle and several PwC consumer credit experts are available for comment, please contact Katherine Howbrook, PwC media relations, on 0207 212 2711 or katherine.j.howbrook@uk.pwc.com

The FCA final consumer credit rules can be found here: http://www.fca.org.uk/news/ps14-3-final-rules-for-consumer-credit-firms 


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