On 1 April 2014, the Financial Conduct Authority (FCA) assumed responsibility for Consumer credit regulation from the Office of Fair Trading (OFT) (which ceased to exist). The FCA became the conduct supervisor for all regulated firms across the consumer credit sector, including (but not limited to), consumer lending, credit card issuers, debt management, credit brokerage, credit referencing, hire purchase firms, banks, financial advisers, pawnbrokers, mail order companies, debt collectors and payday loan lenders. This Practice Note provides an overview of the essential elements of the FCA regulatory regime for the consumer credit industry with links to further detailed notes and legislative resources for consumer credit.
Regulated consumer credit activities
The regulated activities that apply to consumer credit are set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544.
The consumer credit regulated activities are:
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entering into a consumer credit agreement as lender (RAO, art 60B) (see Practice Note: Entering into regulated credit agreements as lender)
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entering into a regulated consumer hire agreement as owner (RAO, art 60N) (see Practice Note: Entering into
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Consumer definition
What does Consumer mean?
A consumer is a person acting outside the context of a trade, business or profession, but the definition takes different meanings depending on the context in which it is used. Therefore it is important to check the relevant law or regulation such as the Consumer Rights Act 2015 (CRA 2015), the Unfair Contract Terms Act 1977, the Sale of Goods Act 1979.
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