Client Advisory: FCA’s Consumer Credit Agenda Looks Strikingly Familiar to U.S. Banks
In late March, the Financial Conduct Authority (FCA) published its 2014/2015 Business Plan outlining budgetary provisions, new initiatives, and investigation agendas for the upcoming year. But for many banks based out of the United States (US) or with business units in the US, a quick glance at the FCA’s consumer credit agenda may seem like déjà vu. The FCA’s priorities for the United Kingdom (UK) mortgage, consumer credit and retail banking markets look awfully similar to the US’ Consumer Financial Protection Bureau’s (CFPB) agendas from 2012 and 2013. When considering how to plan for the FCA’s 2014/2015 supervisory and enforcement plans, banks need to look no further than the experience of US firms and CFPB’s track record since it was erected in the summer of 2011.
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