October 2017
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This seminar focused on policy priorities for consumer credit regulation.
It was timed as the FCA considered whether further policy interventions in the market are needed following its call for input on high cost credit, overdraft charges and the payday loans price cap. The conference also brought out discussion on the impact of new rules being proposed by the regulator for credit card firms, which aim to help consumers in ‘persistent debt’.
Following concerns raised by the Bank of England regarding the risks posed by consumer credit borrowing to financial stability, further sessions discussed what more can be done to ensure responsible lending in the sector, particularly in light of the Prudential Regulatory Authority’s review of banks’ lending standards in relation to consumer credit, and the extension of the Senior Managers Regime to all financial services firms from early 2018.