The FCA has published Consultation Paper 14/3: Consumer credit: further amendments to DEPP and EG (CP14/3).
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2014 amends the Payment Services Regulations 2009 (PSR) and the Electronic Money Regulations 2011 (EMR) by giving the FCA the power to prohibit or restrict the carrying out of certain activities by EEA authorised payment institutions and EEA authorised electronic money institutions. These regulated activities generally correspond with activities that were considered consumer credit business under the Consumer Credit Act 1974.
The OFT had similar powers under the PSR and the EMR. These powers have now been granted to the FCA as part of the transfer of consumer credit regulation from the OFT to the FCA from 1 April 2014.
The FCA proposes to amend the Decision Procedure and Penalties manual and the Enforcement Guide to set out its decision making processes and enforcement approach in respect of the exercise of these powers. The text of the proposed amendments, and the statutory powers they will be made under, are set out in Appendix 1 of CP14/3.
The deadline for comments on CP14/3 is 14 March 2014.
View Consultation Paper 14/3: Consumer credit: further amendments to DEPP and EG, 28 February 2014