This consultation paper (CP) forms part of our wider work in relation to the transfer of consumer credit regulation from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) from 1 April 2014.
Why are we publishing this consultation paper?
In this consultation paper, we propose to make amendments to the FCA Handbook in light of powers, previously held by the OFT, granted to the FCA to prohibit or restrict European Economic Area (EEA) authorised payment institutions and electronic money institutions from undertaking certain consumer credit business in the UK.
We propose to amend our Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG) to set out our decision-making processes and enforcement approach when using these powers.
Who is this CP aimed at?
This CP will be of interest to firms, their advisers and trade bodies. In particular EEA authorised payment institutions and electronic money institutions are directly affected by these changes.
What are the next steps?
We want to know what you think of our proposals. Please use the online response form[3] or write to us at the address on page 2 of the paper.
Please send us your comments by 14 March 2014.
We will consider your feedback and publish our rules in a policy statement.
Want to find out more?
For more information:
- view the FCA Handbook[4]
- PS13/8 Consumer credit: carrying across some secondary legislation[5]
- CP13/10 - Detailed proposals for the FCA regime for consumer credit[6]
- CP13/18 – Quarterly Consultation Paper No. 3[7]