Countdown to Change
19th July 2013
As part of the Government’s programme of regulatory reform for financial services, the Financial Conduct Authority (FCA) will take over regulation of the consumer credit regulated sector from the Office of Fair Trading (OFT) on 1 April 2014 henceforth; all activities will be regulated by the single authority of the FCA. The financial services sector in the UK is already the most heavily regulated sector in the world however the rules, yet to be announced, are likely to impose even tougher regulations.
One does question the necessity to create yet more regulation in a sector already so heavily regulated. The benefit to the consumer is likely to be marginal but the cost to DCAs and therefore the customer will be high.
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