(14 years ago)
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The Financial Secretary to the Treasury (Mr Mark Hoban)
Today the Government have published a consultation document on transferring consumer credit regulation from the Office of Fair Trading (OFT) to the new Consumer Protection and Markets Authority (CPMA). The Government announced the creation of the CPMA as part of their wider reform of the financial regulatory architecture in July, and committed to consult on the merits of transferring responsibility for consumer credit regulation to this new body.
The consultation document sets out the Government’s proposed approach of bringing the regulation of consumer credit into line with that of financial services generally. This proposal is part of the Government’s wider programme to reform financial regulation, to improve consumer protection and strengthen financial stability.
Copies of the consultation document have been placed in the Libraries of both Houses, and are available on the websites of HM Treasury and the Department for Business, Innovation and Skills.