PARLIAMENTARY WRITTEN QUESTION
Credit: Interest Rates (30 October 2020)

The Government has fundamentally reformed regulation of the consumer credit market, including door-to-door and payday lending, giving regulatory responsibility of this area to the Financial Conduct Authority (FCA) in 2014.

This more robust regulatory system is helping to deliver the Government’s vision for a well-functioning and sustainable consumer credit market which works effectively for both firms and consumers.

The FCA proactively monitors the market to understand the pressures that firms face, as well as any risks that may arise for consumers. Throughout the COVID-19 pandemic, the FCA and the Treasury have continued to engage with the sector to understand the effect of COVID-19 on the market.