On March 6 2013 The UK Government published a proposal document to the transfer of responsibility for the regulation of consumer credit from the Office of Fair Trading to the new Financial Conduct Authority in April 2014
FSMA model proposed
The publication of this consultation document confirms the commitment to transfer consumer credit regulation to the Financial Conduct Authority (FCA) in April 2014 and sets out details of the new regulatory regime for consumer credit. Reform of the regulation of consumer credit is the final piece in the jigsaw of the Government’s comprehensive regulatory reform programme for financial services. The transfer will, for the first time, bring conduct of business regulation under a single financial services regulator, ending confusion for consumers, duplication for many firms, and ensuring a single strategic regulatory view across retail financial services.
Download the Consultation on framework for the consumer credit regime