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Question for Treasury

UIN 271398, tabled on 1 July 2019

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing (a) a minimum dwell time and (b) prompts that require active demonstrations of consumer understanding on consumer credit application pages.

Answered on

4 July 2019

The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014. Although the Treasury sets the legal framework for the regulation of financial services, the FCA is an independent body. Therefore this is a matter for the FCA.

The FCA has tough enforcement powers – criminal, civil and regulatory – to protect consumers and to take action against firms and individuals that do not meet its standards. Since the transfer, the FCA has taken a proactive approach on consumer credit, to ensure that all consumers who use high-cost credit products are treated fairly.

Answered by

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