Fiona Hoyle: Change in the financial market is on the horizon
During the Equiniti Credit Services conference, Fiona Hoyle, head of consumer and mortgage finance, at the Finance and Leasing Association, stressed that change within the financial market is on the rise.
Hoyle said that the number of firms regulated by the Financial Conduct Authority (FCA) has increased from 23,000 to 61,100, and as a result of this it wants to develop a new framework that has “confidence and consent.”
She elaborated by saying that “there needs to be a simplification of the market for the general consumer and smaller firms”.
Within the FCA’s credit information market study, Hoyle said that the firm will focus on the consistency of data.
She added that there will also be an emphasis on looking at whether customers understand how their data is being used and shared.
Looking to 2020, Hoyle said that the FCA will release a paper on future dynamics, a consultation paper on principles and a consultation on a duty of care.
Furthermore, Hoyle believes that the regulatory space is “playing catch-up” and said that the Consumer Credit Act review is 50 years old and therefore outdated.
Hoyle concluded that “change is going to be implemented; however, it is looking to figure out the best approach first”.