Commenting on the draft FCA Rule Book for Consumer Credit, Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association, which represents the major short-term lenders operating in the UK, said:
“As major lenders in the mainstream market, CFA members have always supported well-designed, well-implemented regulation in order to protect consumers and drive up standards. The publication of the FCA’s Rule Book is an important milestone for the entire consumer credit industry, and an opportunity to set a bar over which irresponsible lenders will struggle to jump.
“The dedicated section of the Rule Book relating to short-term lending complement the standards we have established in our voluntary code, which independent research shows, is already delivering significant benefits for consumers*. We remain resolutely committed to working with the regulator, driving out irresponsible lending practices and protecting consumers so that they can continue to access short-term credit from an increasingly reputable and reliable set of regulated lenders.”