• Register
Return to: Home > News > Regulation > ICAS calls for changes to FCA regulation

ICAS calls for changes to FCA regulation

Consumer credit authorisation regime changes have been called for by ICAS in response to the consultation from the Financial Conduct Authority (FCA).

The FCA are currently reviewing how they can make the biggest difference in making financial markets work well, with their consultation; ‘Our Future Mission’. The regulator wants to improve guidelines through explaining how objectives are interpreted and how business plan priorities are chosen.

David Menzies, ICAS Director of Insolvency said: “The FCA needs to consider consumer responsibility and vulnerability, their role is important in encouraging change and innovation in the industries they regulate.”

ICAS responded to the consultation by highlighting two areas where change is required; the insolvency exclusion in consumer credit regulation and the scope of entity-based regulation.

The insolvency exclusion allows an IP to conduct the regulated activities of debt adjusting, debt counselling, debt administration and debt collecting when formally appointed as an Insolvency Practitioner. The issue will result in IPs being ‘dual or triple-regulated’, with unintended consequences a possibility.

Secondly, the FCA “should re-consider” the entity-based approach to financial services and consumer credit regulation. This is because a professional firm requiring FCA authorisation for one regulated activity is currently unable to use their professional membership body’s DPB regime for incidental activities in another regulated activity.

ICAS stated that they wish to “ensure the FCA mission is clear” and that they prioritise protecting consumers, the integrity of UK markets and enhancing competition. The full ICAS response can be accessed here.

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.