Speech by Nisha Arora, Director of Consumer and Retail Policy, given at Westminster Business Forum.
- Consumer credit remains a key priority for the FCA as the consequences of the pandemic for consumers continue to unfold
- We are increasing our focus on consumer outcomes and needs, particularly for those in vulnerable circumstances; and bringing to bear the FCA’s new, more innovative, more assertive and more adaptive approach
- We are consulting on a new Consumer Duty and working on new regulation for buy-now-pay-later products; we’re also focusing on support for borrowers in financial difficulty and people who use high-cost credit products
- Credit is a huge and rapidly changing market – firms, consumer and debt advice organisations, government and the FCA need to continue to work together so that it delivers the right outcomes for consumers.
It’s never been more important that the consumer credit market works well for consumers, firms and the economy. The consequences of coronavirus (Covid-19) are still unfolding, and we are yet to see what the “new normal” looks like. Those consequences have been more severe for those in difficult financial circumstances, and millions more people now find themselves in that situation. Between February and October last year, 20 million adults in the UK saw their financial situation worsen, and nearly 10 million saw their unsecured debts increase. Citizens Advice Bureaux in England and Wales took nearly 40% more calls about debt in August 2021 than they did in August 2020.
Speech continued at link below.
Please read the full speech/article from the FCA: https://www.fca.org.uk/news/speeches/regulating-for-better-outcomes