Financial Conduct Authority: Held to account - putting consumers at the heart of regulation

This article explains how the Financial Conduct Authority, the UK regulator, used consumer and industry research to understand the shortcomings of the regulatory framework.

Financial Conduct Authority: Held to account - putting consumers at the heart of regulation

ESRO and Financial Conduct Authority

Synopsis

As it prepared to take over responsibility for the regulation of consumer credit, the Financial Conduct Authority (FCA) needed high-quality consumer insight capable of commanding the attention of policy and regulatory specialists, wider industry stakeholders (e.g. HM Treasury), and the credit industry at large. In this highly emotive and politicised market the FCA demanded high quality and robust evidence.

ESRO studied the consumer experience of payday loans, logbook loans and paid-for debt management plans. Recognising the inadequacy of focusing only...

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