On 21 March 2019, the FCA’s Executive Director of Supervision – Retail and Authorisations, Jonathan Davidson, gave a speech on what the consumer credit sector can expect from the FCA.
There are some key messages including:
– There has been a lot of change in the sector.
– The FCA will continue to focus on affordability, business models and culture.
– Brexit will not change the way the sector is regulated.
– The FCA’s focus in the high-cost sector is on (a) re-lending and (b) affordability (particularly on guarantor lending).
– The Senior Manager & Ceritifcation Regime will help improve culture.
The speech ends by saying: “My top top for today is to keep ahead of the rules, you can invest in expensive tick box compliance or you can get on top of your culture., A healthy purposeful culture will be the best way to deliver value for you, your clients and your business”.