Consumer credit regime

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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.

Further information on the development of the UK consumer credit regime, including ongoing reform initiatives, can be found in Practice Note: Consumer credit—essentials and the UK Consumer credit—timeline.

Meaning of ‘credit’ and ‘regulated credit agreement’

Whether a credit agreement is regulated depends on the Financial Services and Markets Act 2000 (FSMA 2000), the

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Latest Financial Services News

IAIS launches consultation on revised Application papers on recovery planning and resolution

The International Association of Insurance Supervisors (IAIS) has launched a consultation on its draft revised Application Papers on (i) recovery planning and (ii) resolution powers, preparation and plans. The revisions follow the 2024 updates to the Insurance Core Principles (ICPs) and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). They aim to enhance clarity, promote global consistency, and incorporate lessons learned from prior implementation, while aligning with the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions. Responses are sought on the draft revised papers by 25 February 2026. A public webinar will be held on 14 January 2026 to brief stakeholders.

EBA publishes policy statement on final technical package for reporting framework 4.2

The European Banking Authority (EBA) has published a policy statement confirming the release of the final technical package for version 4.2 of its EU reporting framework, applicable from December 2025. The package completes the transition to the Data Point Model (DPM) 2.0 semantic glossary and modernises supervisory reporting across the EU. It includes updated validation rules, data point models and XBRL taxonomies for key areas such as operational risk, resolution planning, own funds and eligible liabilities (MREL) decisions, instant payments reporting and supervisory benchmarking. The EBA says it may issue a targeted update in early January 2026 to address any critical post-implementation issues.

Commission adopts draft Delegated Regulation amending MiFIR rules on equity market liquidity and post-trade risk reduction

The European Commission has adopted a draft Delegated Regulation amending Delegated Regulation (EU) 2017/567 to align it with amendments made to Regulation (EU) No 600/2014  (MiFIR) introduced by Regulation (EU) 2024/791 (MiFIR review).

FSB names insurers for resolution planning and consults on RRP guidance

The Financial Stability Board (FSB) has published an updated list of insurers subject to recovery and resolution planning (RRP) requirements with seventeen insurers named, up from thirteen in 2024. The FSB has also launched a consultation on draft guidance to help authorities determine whether an insurer should be subject to RRP.  Finally, the FSB confirmed it will continue to rely on the International Association of Insurance Supervisors (IAIS) Holistic Framework to assess systemic risk in the insurance sector, rather than reinstating the annual identification of global systemically important insurers (G-SIIs). Responses are sought to the consultation by 6 February 2026.

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