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The Finance & Leasing Association (FLA) has hit out at Government proposals not to take forward the suggestion contained in the Hampton Report that consumer credit regulation should move to FSA from OFT.
Martin Hall, FLA’s Director-General, expressed concern that dual regulation will cause consumer confusion.
He explained: “The lack of a single, unified approach means that consumers are often presented with significant amounts of separate information when it might be more comprehensible and informative if presented together.
“Although both FSA and OFT, in their joint statement, have committed to work
‘closely together’ a streamlined regulatory approach is surely preferable.
"The better regulation agenda can only be truly achieved by aligning regulation
into a coherent framework.
"This means the creation of a single regulator with responsibility for all financial services, including credit. In the longer term then we believe that the consumer credit functions of the OFT should pass to the FSA.”
Source:
Credit Control Journal
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