News

OFT Information Sheets (Consumer Credit Act 1974)

08/04/2013

Thursday 11th April is the date the updated Information Sheets from the Office of Fair Trading under the Consumer Credit Act 1974 comes into force. Please see below the web address which should direct you straight to the new Forms.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/CCA2006/information/

Important Note from the FCA

02/04/2013

Today marks the first day of business of the FCA. The FCA is one of the UK’s two new financial regulators, working alongside the Prudential Regulation Authority (PRA)[1]. Together, we replace the Financial Services Authority.

The FCA is responsible for ensuring the UK’s financial markets function well, for the conduct supervision of all UK-based financial services firms, and for the prudential supervision of firms not covered by the PRA.
We have three operational objectives which support this:
• securing an appropriate degree of protection for consumers;
• protecting and enhancing the integrity of the UK financial system; and
• promoting effective competition in the interests of consumers.
Our approach to delivering these objectives was set out in the document Journey to the FCA in October last year, available at:
www.fca.org.uk/your-fca/documents/fsa-journey-to-the-fca

From today, we supervise the conduct of 26,000 firms across the financial industry and the prudential standards of 23,000 firms. In April 2014, we will become responsible for the supervision of firms in the consumer credit markets.
Our formation comes at an important time for financial services. Our job is to change the culture and conduct of financial firms, and ensure markets and financial systems are sound and stable with firms competing effectively, so that we do not see a repeat of past mistakes.

To be effective, we need to work as a partner with firms and their trade bodies, while listening to consumers and collaborating with their representatives. Together we can find problems earlier and fix them before they cause significant harm, and start to rebuild trust in financial services.

We will remain in the same offices in Canary Wharf in London and in Edinburgh. Most of the FSA’s staff have transferred to us, so many of your day-to-day contacts will stay the same. Our phone numbers have not changed, but all email addresses now end in @fca.org.uk. Our new website is www.fca.org.uk
 

We look forward to working with you as we carry out the exciting challenges ahead.
 

Yours sincerely,

John Griffith-Jones (Chairman) Martin Wheatley (Chief Executive)

[1] The PRA will be responsible for promoting the safety and soundness of deposit-taking firms, insurers and large investment firms.

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