Mario Theodosiou has been seconded from the Financial Conduct Authority (FCA) to become director of consumer credit enforcement at the Office of Fair Trading (OFT).
Theodosiou is expected to take up the newly-created role in July and lead a team of 60 with a remit to enforce the standards expected of consumer credit businesses.
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Having begun at the Financial Services Authority (FSA), which has now become the FCA, in 2001 as a forensic investigator, Theodosiou will temporarily leave his role at the FCA’s enforcement and financial crime division.
‘No-nonsense approach‘
The move will knit together the operations of the two bodies in overseeing consumer credit regulation as the FCA prepares to subsume much of the OFT remit.
At a recent round table discussion hosted by Motor Finance and Burlington Group, attendees spoke of their expectations for the FCA to make "an impact" and apply a "no-nonsense approach" once consumer credit regulation passes from the OFT. In particular, payday lenders were expected to be a target.
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By GlobalDataLast week the OFT used its power to suspend a credit licence for the first time. In March, it ordered payday lenders to improve their business practices or have their licences removed.
richard.brown@timetric.com
