Wolters Kluwer: Planning for future consumer credit regulation in the UK
Speaker: Steven Blackbourn, Contributing Editor, Wolters Kluwer Financial Services
Against the background of the UK’s recent adoption of a new regulatory architecture, organisations and approaches, and concerns over recent and evolving practices and standards in this competitive market, the UK Financial Conduct Authority (FCA) expects to take charge of consumer credit and lending in the UK from April 2014. Firms engaged in the many wide aspects of the credit lending process now face a cultural and operational challenge in understanding and consistently delivering against new and revised legal and regulatory obligations and responsibilities.
This development will inevitably heighten the risk and exposure of failure, scrutiny and even sanction for inadequacies occurring or identified within such organisations. In particular, this new ‘watch-dog’ regime will be able to invoke a range of corporate and personal penalties and sanctions, including criminal prosecution and imprisonment for unacceptable outcomes and consumer harm.
This webinar will cover:
an overview of the core changes and responsibilities firms affected can expect to face
outline some generic steps they might take to consider develop and follow to inform a sensible risk-based approach to implementation planning and decision-making
look at measures which might enable senior-management to gain assurance and to demonstrate its ongoing arrangements can reasonably protect the business from exposure to future regulatory scrutiny, criticism and enforcement