The FCA has published a speech by Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, in which he sets out what the consumer credit sector can expect from the FCA in terms of regulation.
Mr Davidson said that the FCA’s focus on affordability, business models and culture hasn’t and won’t change. Two areas of focus for the FCA will be ‘relending’ (ie repeat lending) and affordability.
In addition, Mr Davidson said that one of the aims of the Senior Managers and Certification Regime, which is being extended to all firms on 9 December 2019, is to improve culture in firms. He urged firms to check which tier of the regime applies to them and what steps they need to take in advance of the regime coming into force.
Mr Davidson concluded his speech by reminding firms that a healthy, purposeful culture will be the best way to deliver value for firms, their clients and business.