Improving Credit Regulation

The Financial Conduct Authority ('FCA') is in the final stages of consulting on its proposals for a new Consumer Duty, which focuses on ensuring improved outcomes for users of financial services and products. In this briefing we consider how the proposed duty could help to address long-standing problems associated with ‘relending’ in the UK’s consumer credit markets.

The House of Lords will this week debate an amendment to the Financial Services Bill to ensure a “fair debt-write down” is incorporated within Government’s plans for a Statutory Debt Repayment Plan.

Last year the Centre for Responsible Credit was commissioned by The Commonwealth to provide a discussion paper on rising levels of household debt and how to mitigate its impacts for households and economies.