Regulating for Better Outcomes – Next Steps in Consumer Credit

Nisha Arora, Director of Consumer and Retail Policy at the FCA, gave a speech Regulating for better outcomes – next steps in consumer credit.

Key points from the speech included:

• Consumer credit remains a key priority for the FCA as the consequences of the pandemic for consumers continue to unfold;
• The FCA is increasing its focus on consumer outcomes and needs, particularly for those in vulnerable circumstances; and bringing to bear the FCA’s new, more innovative, more assertive and more adaptive approach
• The FCA is consulting on a new Consumer Duty and working on new regulation for buy-now-pay-later products; it is also focusing on support for borrowers in financial difficulty and people who use high-cost credit products

Source: FCA