ABSTRACT
This chapter analyses the Financial Conduct Authority's (FCA's) approach to regulate the market from a consumer protection perspective. It provides an analysis of the Consumer Credit Act 1974 (CCA74), in particular the elements that can be invoked by consumers to seek redress for harm caused to them by financial institutions. The chapter examines the impact of the FOS on the level of protection afforded to consumers under the CCA74. It reflects on the powers and performance of the Office of Fair Trading (OFT), with particular reference to the comparable elements of the Financial Services and Markets Act 2000 (FSMA) regime, enforced by the Financial Services Authority (FSA). The chapter considers the regulator-led mechanisms of redress available to the OFT to compensate consumers who have lost out at the hands of unscrupulous credit providers. It considers the approach of the FCA and consists of an analysis of the approach to the regulation of consumer credit market by the United States.
