FSA and OFT Combine Forces
Some interesting news has come out of the FSA and OFT this morning.
Following mooting the idea of transferring Consumer Credit responsibility from the OFT to the FSA in 2005, the two organisations have announced deeper collaboration. In the long term, this could have quite an affect on the Secured Loans industry.
Some of the cooperation between the organisations has already taken place and in May they both consolidated guidance on secured loans advertising. This led to a new document being incorporated into their websites that explains how to create a compliant advertisement.
Things that come out of today’s announcement affecting the Secured Loans industry are :-
- Producing a single guidance document for firms whose advertising is jointly regulated
- To consult on rule change to allow firms to use just one risk warning in credit advertising
- Feasability studies in aligning authorisation and licensing process
- Consider scope for combined regulation of Payment Protection Insurance
There are several more items that may affect us, for more details see this months Fair Trading Magazine
