When did the FCA take control of regulation of consumer credit?

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Multiple Choice

When did the FCA take control of regulation of consumer credit?

The regulatory shift happened on 1 April 2014. This was when the Financial Conduct Authority took over responsibility for regulating consumer credit, moving that job from the OFT as part of the broader reform that created the FCA. Since then, lenders and related firms must follow FCA rules and licensing for consumer credit activities. Prior to this date the OFT handled consumer credit, and the move did not occur in 2013, 2015, or 2016.

The regulatory shift happened on 1 April 2014. This was when the Financial Conduct Authority took over responsibility for regulating consumer credit, moving that job from the OFT as part of the broader reform that created the FCA. Since then, lenders and related firms must follow FCA rules and licensing for consumer credit activities. Prior to this date the OFT handled consumer credit, and the move did not occur in 2013, 2015, or 2016.

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