<p>Independent regulators such as the Office of Fair Trading (OFT) and the Financial Conduct Authority (FCA) have statutory powers to ensure compliance with their rules and requirements. In addition, an ombudsman’s direction is enforceable by an injunction in the county or High Court.</p><p>The Government has recently undertaken a fundamental reform of the regulatory system for financial services through the Financial Services Act 2012 (“the Act”), which has included the creation of the FAC with stronger powers to protect consumers and a wider range of tools and greater resources to tackle detrimental practices. The Government has also taken powers through the Act to transfer responsibility for regulating consumer credit from the OFT to the</p><p>FCA in order to bring the regulation of all retail financial services under one roof.</p>