The website of the Financial Conduct Authority (FCA) is now up and set to go live as of 1 April 2013, with the body also revealing its operational logo.
The FCA is set to replace the Financial Services Authority, plus much of the Office of Fair Trading (OFT), as of April 2014, according to the latest government plans.
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Since plans were announced, the Finance & Leasing Association (FLA), trade body for the retail asset finance industry, had feared the transfer would see much of the Consumer Credit Act, the legislation governing the sector, replaced by the Financial Services & Markets Act.
Such a move, warned the FLA, could not take account of the highly-intermediated nature of the sector.
However, it now appears much of the regulation of the consumer credit industry held in the OFT will be kept intact under the FCA, a move which Stephen Sklaroff, director general of the FLA, called "gratifying".
Doug Moody, FLA board member and sales and marketing director at Mercedes-Benz Financial Services, told attendees at the FLA ‘Steering Car Buyers To Better Information’ drinks reception for the Specialist Automotive Finance scheme, that the Association "looked forward" to assisting the government further in shaping the FCA.
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By GlobalDatarichard.brown@timetric.com
