<p>Whether to introduce a protected minimum balance in the use of continuous payment authorities (CPAs) is a decision for the Financial Conduct Authority (FCA) to take. The FCA will have the power to introduce</p><p><?notus-xml column=617?></p><p>such a rule from 1 April 2014 when responsibility for consumer credit regulation will transfer from the Office of Fair Trading (OFT) to the FCA.</p><p>Following the transfer of consumer credit regulation to the FCA, existing OFT guidance which prevents lenders using a CPA where it would leave the customer without a subsistence balance (i.e. sufficient funds to meet priority debts and essential living expenses) will be turned into a binding FCA rule which is particularly important given the introduction of universal credit.</p><p>Alongside this, CPAs will be limited to two attempts on any loan (which includes where a firm refinances a loan); no further CPA attempts will be permitted on subsequent days; and CPA part payment will be banned, i.e. a lender can only take payment if the whole owed sum is in the account.</p>