FCA promises tough action as it takes control of consumer credit

The Financial Conduct Authority has taken control of the consumer credit industry from today promising tough rules for short-term high-cost credit firms and debt management companies. In its 2014 risk outlook, published yesterday, the regulator said its plans to enforce a price cap on payday loans may affect some firms' appetite to remain in the sector if profits are damaged. Further reading Repossessed often architects of own destruction not victims - FCA Speaking on Radio 5 live this read more