Treasury Committee responds to Government response on Consumer access report

Industry News | 11/07/19

The Treasury Committee has published the Government’s response to its report on Consumers’ access to financial services. In particular, the Government responded to the Committee’s recommendation that the Consumer Credit Act 1974 (CCA) and the Consumer Credit (Enforcement, Default and Termination Notices) Regulations 1983 (1983 Regulations) should be amended such that the required terminology and phrasing of payment request letters is updated. The Government said that reviewing the prescribed content in such letters will be a priority of the FCA’s review of the Consumer Credit Act. The Committee also recommended that enforcement of banks’ compliance with the Equality Act should be transferred to the FCA. The Government responded that given the FCA’s expertise in regulating financial markets and its mandate for consumer protection, the Government is supportive of the FCA working with the EHRC towards a joint solution to ensure consumers’ rights under the Equality Act are properly protected in the relevant markets. The Government expects the FCA and EHRC to consider how best to ensure financial services providers are aware of their obligations to make their marketing or direct communication materials available in accessible formats, as part of any joint solution agreed.