On 21 March 2019, the FCA published a speech from Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, on the FCA’s interaction with the consumer credit sector. Highlights from the speech include:
- the FCA will be doing further work to understand both the motivation for, and the impact of, relending on both consumers and firms, with a focus on home-collected credit;
- there will also be additional work on affordability and understanding whether potential guarantors have enough information to understand the likelihood and implications of the guarantee being enforced;
- the FCA is extending the Senior Managers and Certification Regime to firms’ it regulates on 9 December 2019. Firms should be conscious of their compliance obligations ahead of this date.