Consumer Credit Seminar

[Legal Beagles]

Speech by Linda Woodall, Director of Mortgage and Consumer Lending of the FCA, at the FCA BBA in London.

http://www.fca.org.uk/news/consumer-credit-seminar

Let me be clear we’re not clamping down on the credit market, but on unaffordable lending and unfair treatment of consumers. We want to raise standards in the credit industry by making sure that there is a culture among firms of ‘doing the right thing’ for customers at every stage in the customer credit journey. And for fair trading businesses this will present opportunities. Good outcomes for consumers mean good outcomes for fair trading businesses. We want to see firms competing on ‘a level playing field’ on factors such as innovation, high levels of customer service, etc.

For all credit firms, good conduct means:

transparent communication
responsible lending based on proper affordability requirements
treating customers in difficulty with forbearance
providing suitable debt advice in the way the consumer wants to access it

[PAWS]

Re: Consumer Credit Seminar

I would recommend that everyone read the full article. I think it is encouraging. Yes, we all want everything to change ‘toot sweet’ but I honestly believe Ms Woodall is heading in the right direction. :thumb: