Lending to consumers
The Government is determined to ensure that consumers get a fair deal from financial services. It is critical that sufficient, but sustainable, credit is readily available across the economy, and that there is adequate competition to ensure that consumers have access to competitive rates and a choice of providers. These are also issues being examined by the Independent Commission on Banking. The Government’s work in this area is being taken forward as follows:
- HM Treasury and the Department for Business, Innovation & Skills (BIS) launched the Consumer Credit and Personal Insolvency Review in October 2010.
- As part of its joint work, the Treasury and BIS also published in December 2010 a consultation document to assess whether consumers and businesses would benefit from consumer credit regulation shifting from the Office of Fair Trading (OFT) to the powerful new consumer protection & markets authority (CPMA). The CPMA is being created as part of the Government’s plans to reform the institutional framework for financial regulation in the UK.
The Government’s consultation paper on UK regulatory reform and a summary of responses is also available to download as follows:
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