FLA comments on the chancellor’s statement about an Action Plan on regulation
Commenting on the chancellor’s statement today about an Action Plan to ensure that regulations and regulators support, Stephen Haddrill, director general of the FLA said:
“We welcome the Chancellor’s statement.
“The current situation in the consumer credit sector is that firms spend millions of pounds complying with Financial Conduct Authority rules, only to fall foul of the Financial Ombudsman Service’s reinterpretation of those rules. Managing risk in this sector is expensive, time consuming and subject to massive uncertainty, which Claims Management Companies can then exploit, undermining the investability of the market.
“The dynamic in the UK regulatory landscape does not work for lenders or customers and does not adequately support growth. We want one clear set of rules that firms follow, and that the FOS adheres to when adjudicating cases.”