Regulation of Consumer Credit – Why, when, who and how? - Searchlight Insurance Training

Regulation of Consumer Credit – Why, when, who and how?

On 1 April 2014, regulation of Consumer Credit passed from the Office of Fair Trading to the Financial Conduct Authority (FCA).

This transfer of responsibility completes the UK government’s objective to bring conduct of business regulation under a single financial services regulator, thereby ensuring a single strategic regulatory view across retail financial services.

This intensive half day provides an update on developments and how insurers and brokers should be responding.

Timing: 9.30 – 12.30 (AM sessions), 13.30 – 16.30 (PM sessions)

Level: n/a

Duration: 0.5 day(s) CII CPD Hours: 3
•Revise the scope, objectives and key areas of the new Consumer Credit regulations with particular focus on the insurance sector
•Describe the FCA’s expectations of regulated firms and their compliance with the regulations
•Confirm the exemptions which apply to the new regulations
•Understand the regulatory process and the next steps in its evolution


•The FCA and Consumer Credit – how we’ve arrived at this point
•Differences between the OFT and FCA approaches to Consumer Credit regulation
•The FCA’s expectations and how these will impact on the insurance sales process and the ability of firms to provide evidence of compliance with the requirements of the new Consumer Credit Sourcebook (CONC), particularly CONC 5.4.2 R(2) – the need to take account of the affordability of credit
•Compliance – where responsibility lies for ensuring that regulatory requirements are fulfilled
•Exemption from the new regulations and who this applies to
•Continuing evolution of Consumer Credit’s regulation and the timetable for the FCA’s onward journey