Changes to consumer credit regulation: are you ready for 1 April?01 Mar 2014 | Newsletter/briefing
There are to be significant changes in the UK regulation of consumer credit with effect from 1 April 2014, when the Financial Conduct Authority (FCA) will take over responsibility for the regime from the Office of Fair Trading (OFT).
This briefing outlines some of the key elements of the important regime change for corporate treasurers/ in-house lawyers who work outside the financial services sector but fall within the sphere of the consumer credit regulatory regime (eg retail or auto businesses).
Topics covered include:
- the transition to FCA authorisation
- approach to supervision (eg higher versus lower risk activities, scope of permissions)
- other notable aspects of the new regime (eg the FCA's Principles for Business and approved persons regime)
- the potential impact on M&A processes
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