Consumer credit regime

This Overview provides a guide to the Financial Services content within the Consumer credit regime subtopic, with links to appropriate materials. For information on other aspects of the consumer credit regime, see related materials referenced in Consumer credit agreements—overview, Debt management and advice—overview, Consumer credit advertising—overview and Consumer credit—ombudsman and guidance—overview.

The consumer credit regime

With effect from 1 April 2014, responsibility for regulating consumer credit transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA), and the OFT was abolished. The FCA became the conduct regulator for all firms carrying on consumer credit activities, such as consumer lenders, credit card issuers, debt management firms, credit brokers, credit reference agencies, hire purchase providers, financial advisers, pawnbrokers, mail order businesses, debt collectors and payday lenders. For an overview of the essential elements of the FCA regulatory regime for the consumer credit industry, with links to further detailed Practice Notes and key legislative materials, see Practice Note: Consumer credit—essentials.

Further information on the development of the UK consumer credit regime, including ongoing reform initiatives, can be found in Practice Note:

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