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<p>On 1 April 2014, responsibility for consumer credit regulation will transfer from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA).</p><p>The FCA will require firms to treat their customers fairly and has proposed specific new rules to ensure firms lend responsibly, including checking whether borrowers can afford to repay loans sustainably and treating customers in financial difficulties appropriately. The FCA has a broad suite of powers to enforce breaches of its rules.</p><p>The FCA has recently committed that it will consider carrying out a thematic review of market practice in relation to fees and charges, once regulatory responsibility for consumer credit has transferred to the FCA.</p> |