Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations at the FCA, has delivered a speech on the FCA’s priorities for the credit market. Stressing that consumer credit remains one of his top priorities, Mr Davidson went on to explore the challenges brought on by the pandemic. Speech highlights include:
- the pandemic is a challenging new scenario, and consumer credit firms and their staff have taken decisive and effective action;
- with this new phase of the crisis, there is no time for credit firms to rest on their laurels. Firms should continue to act flexibly and treat customers fairly in the face of the pandemic; and
- FCA wants to make clear its expectations around forbearance, the operational challenge for firms to overcome, the importance of vulnerability, and the future direction of the industry.