Previously consumer credit activity was overseen by the Office of Fair Trading (OFT) which had relatively light powers of enforcement. As a result some firms did not operate in a way that was in the best interests of customers. In 2014 lead regulation passed from the OFT to the Financial Conduct Authority (FCA) which has much greater powers.
Similarly to the other areas of the financial services sector, regulatory conduct is now principles-based rather than rules-based. Firms need to understand regulation, interpret what it means for their business and then operate within the spirit of principles based advice such as TCF (Treating Customers Fairly). This represents a significant cultural change for firms who have not previously been regulated by the FCA.
CCAS is a RFS group company and a market leader in consumer credit businesses to operate under regulation.
For more information about how we can support consumer credit regulation please visit www.ccas.co.uk.
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