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From April 2014 the Financial Conduct Authority takes over responsibility for the regulation of the consumer credit industry from the Office of Fair Trading. The FCA promises a more proactive type of regulatory approach and has already indicated its interest in the payday loan and debt collection sectors. The changeover involves a switch from a regulatory system based on statute – the Consumer Credit Acts, to one based on the FCA’s Rulebook. The Government hope that this will make the system more flexible and responsive to market developments.


Documents to download

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