ABSTRACT
The Consumer Credit Act 1974 appointed the Director General of Fair Trading as the regulatory authority for the purposes of the Consumer Credit Act 1974. The Director General was responsible for the licensing regime under Part III of the Act. The Consumer Credit Act 2006 strengthened the role of the Office of Fair Trade (OFT) in connection with licensing giving new powers to the OFT. The Financial Services and Markets Act 2012 created two new regulators, the Financial Conduct Authority (FCA), and the Prudential Regulatory Authority (PRA), to replace the Financial Services Authority (FSA). The FCA has both strategic and operational objectives. Both the strategic objective and the operational objectives are very relevant for the consumer credit industry, and the FCA will, from 1-April 2014, be the relevant regulator for almost every purpose. The PRA is a body corporate and a division of the Bank of England. Its objective is to promote the safety and soundness of PRA-authorised persons.
