When did the fca take on responsibility for regulation of consumer credit

Since taking over regulation of consumer credit in 2014, we have worked with industry and other stakeholders to raise standards and improve outcomes for consumers in these markets.

When did the FCA start regulating?

We were set up on 1 April 2013, taking over conduct and relevant prudential regulation from the Financial Services Authority (FSA).

What is the role of the FCA's rules for consumer credit conc )?

The purpose of CONC is to set out the detailed obligations that are specific to credit-related regulated activities and activities connected to those activities carried on by firms. These build on and add to the high-level obligations, for example, in PRIN, GEN and SYSC, and the requirements in or under the CCA.

Who is responsible for the regulation of consumer credit?

The specific rules for firms carrying our consumer credit activities are set out in the FCA's Consumer Credit Sourcebook (referred to as 'CONC').

Why did the FCA begin to regulate?

Understanding the Financial Conduct Authority (UK) (FCA)\n\n The Act of 2012 made major changes to the way financial services firms are regulated in the United Kingdom, and was introduced to ensure that the financial sector manages and contains risks more effectively following the financial crisis of 2008 to 2009.