Altcoins News
By Dan Saada
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Consumer Duty at the Center. The Consumer Duty sits at the heart of all of this. For those unfamiliar, it's the FCA's existing…
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Working With Treasury, Parliament, and Consumer Groups. The FCA isn't doing this alone. It plans to work alongside the Treasury, Parliament, and consumer…
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What the Review Actually Covers. The FCA will go through the entire consumer credit process — not just the high-profile bits.
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The UK's Financial Conduct Authority is getting ready to consult on reforms to the Consumer Credit Act 1974.
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The FCA's push follows a policy statement from the UK Treasury laying out proposed changes to the 50-year-old legislation.
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The Consumer Duty sits at the heart of all of this. For those unfamiliar, it's the FCA's existing framework that basically tells firms: you need to deliver good outcomes for your…
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The review will look at rights consumers currently hold under the 1974 Act. That means cancellation rights, withdrawal options, early settlement provisions — the kind of…
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Any proposals that come out of the consultation won't just be opinion-driven. The FCA has said it will build its case on evidence — including a formal cost-benefit analysis — and…
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Communication will be ongoing. The FCA has committed to keeping stakeholders informed as the consultation moves forward — not just a single announcement and then silence.
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More context: Bereavement Support Under FCA Scrutiny as Fewer Than Half of Clients Feel Helped
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And there's a lot to get right. The Consumer Credit Act 1974 is foundational legislation. It governs how credit agreements are formed, what rights borrowers hold, and what…
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Stakeholder input will be central to sorting all of this out. The FCA wants perspectives from a wide range of entities — consumer groups, industry participants, government — so…
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The FCA's broader goal is a consumer credit market that's both robust and fair. It wants rules that can adapt to changing market conditions rather than legislation that calcifies…
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Read also: GENIUS Act Pushes NCUA to Draft Stablecoin Rules for U.S. Credit Unions
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But speed cuts both ways. Faster rule changes also mean faster rollbacks if political winds shift. Legislative protections are harder to strip away than regulatory guidance.
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