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Majority of finance providers feel prepared for FCA regulations

The majority of delegates at the Finance & Leasing Association’s (FLA’s) latest conference (62%) said they felt well prepared for the new Financial Conduct Authority (FCA) consumer credit regulatory regime.

The figure compares with 30% when the same question was asked in October 2014 and 43% when it was repeated in March of this year.

When asked what had been the most challenging aspect of preparing for, or going through, FCA authorisation, 70% said it was knowing what information the FCA required of them.

Fiona Hoyle, FLA head of consumer finance, said: “Firms are much better prepared for FCA regulation than they were a year ago. This is a great achievement, considering the break-neck speed at which the regime was implemented.

“But the industry – and in particular the intermediary market – needs more certainty about the information the FCA expects to see in authorisation applications. We have asked the FCA to consider ways of making their requirements clearer, so as to avoid unnecessary delays for firms applying for authorisation.”

Delegates also said the overall cost of FCA regulation had been higher than what was initially budgeted, according to 68% of responses.

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