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ARTICLE · 13 OCTOBER 2015

Consumer Credit - Life After Authorisation

Deloitte
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With the end of the final authorisation landing slots looming in early 2016, the majority of firms in the consumer credit market will have now submitted their applications for Financial Conduct Authority authorisation.

United KingdomConsumer Protection
Cindy Chan
Cindy Chan
Nicola Vincent
Nicola Vincent
Catherine Brittain
Catherine Brittain
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With the end of the final authorisation landing slots looming in early 2016, the majority of firms in the consumer credit market will have now submitted their applications for Financial Conduct Authority (FCA) authorisation.

But what comes next?

FCA approach

Unlike the previous Office of Fair Trading regime, firms under the FCA's jurisdiction will face ongoing scrutiny of their business models and practices. The FCA has pledged to clean up the consumer credit market to ensure that customers are getting fair outcomes and that customers' interests are central to the strategy of the firm. This process of cleansing the market started with the FCA's assessment of authorisation applications (some firms which were unable to meet the regulator's expectations inevitably exited the market) and will continue after authorisation through ongoing firm supervision, thematic reviews and visits.

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