Single point for credit

Consumer credit regulation is to be transferred from the Office of Fair Trading to the Financial Conduct Authority.

The move has been written into the guidance published last week, subject to further consultation and an impact assessment.

It says: “The Government believes fundamental change is necessary to ensure regulation is able to keep up with a rapidly changing market and to tackle detrimental practices more swiftly.”

Financial Services Consumer Panel chair Adam Phillips says: “The panel has long advocated this common-sense approach. This will create a single regulator responsible for delivering effective consumer protection.”