Yesterday I attended a Finance and Leasing Association conference on the future of Consumer Credit Regulation. I participated in a panel session and my role was to help place the changes in the context of the new consumer landscape.
A few things became clear to me as I listened to the other presentations and questions.
The first was that despite carrying authorisation to enforce the Consumer Credit Act for 25 years I don’t know enough about credit and how the industry works. It is vitally important that as regulators we understand the markets and sectors we support.
The second was the realisation of what a challenge delivering the transfer from the Office of Fair Trading to the new regulator will be, in such a short space of time.
Finally, I was struck by the thought that I'm no longer a regulator but I run a small business. So all the questions, the doubts and the requests for certainty from the floor resonated with me as well.
Back in the office today I have asked someone to find out what we need to do to be compliant with the new regime. I'll let you know how that goes.
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