Chair announced for Unsecured Credit Market review

The FCA has today announced that Chris Woolard will chair a review of the future regulation of the unsecured credit market.

The Review, set to be published by early 2021, will look at regulation’s role in better supporting a healthy unsecured lending market. It will take into account:

• the impact of the coronavirus on employment security and credit scores
• changes in business models
• new developments in unsecured lending including the growth of unregulated products in retail and the workplace.

It is further announced that Chris will step down as Chief Executive of the FCA’s board and any executive or decision -making roles at the FCA from 1 October 2020 and following completion of the review, he will be departing from the FCA entirely.