Current regulatory developments of curiosity to monetary establishments with concentrate on shopper finance. This week directs to our separate briefing on the Woolard Overview Report. See additionally our Associated Supplies hyperlinks for updates with broader utility.
- Woolard Overview units out imaginative and prescient for unsecured credit score
Woolard Overview units out imaginative and prescient for unsecured credit score
The UK Monetary Conduct Authority (FCA) has revealed a report, to the FCA board on a evaluation of change and innovation within the unsecured shopper credit score market. The report is revealed following a evaluation by Christopher Woolard, former FCA Interim CEO (the Woolard evaluation), commissioned by the FCA board.
The report units out how regulation can higher help a wholesome marketplace for unsecured lending, contemplating the impression of the COVID-19 pandemic, altering enterprise fashions and new developments in unregulated buy-now pay-later (BNPL) unsecured lending. It units out 26 suggestions to the FCA, authorities and different our bodies to make the unsecured credit score market match for the long run.
Learn extra in our separate briefing: Woolard Review sets out vision for unsecured credit: now over to the FCA to make it happen.
HM Treasury has revealed a press release confirming that curiosity free buy-now-pay-later (BNPL) merchandise are to be regulated by the FCA following a advice from the Woolard evaluation that such merchandise needs to be introduced into FCA supervision. HM Treasury signifies that the federal government will seek the advice of with stakeholders earlier than bringing ahead the mandatory laws to make sure the strategy to regulating BNPL is proportionate.