FCA
Summary
The Financial Conduct Authority (FCA) has issued a strategic letter to Consumer Lending firms, emphasizing the need for a thriving, innovative, and safe Consumer Lending market. The letter outlines the current state of the market, key risks, and the FCA's priorities for improving consumer access to affordable credit and ensuring that lending practices are responsible and fair. It specifically addresses high-cost lending, mainstream consumer credit, and credit unions.
Key Points
Consumer Lending Market Importance: The Consumer Lending market is crucial for the UK economy, providing essential services to vulnerable consumers.
Market Assessment: The FCA is now assessing three portfolios as a group—High-Cost Lending, Mainstream Consumer Credit Lending, and Credit Unions—to share a market-level view and improve industry practices.
Innovative Support: The FCA encourages innovation in the market through the Regulatory Sandbox, Innovation Pathways, and TechSprints to promote saf...
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