Some might say that we are in the middle of a “perfect storm” when it comes to shaking up consumer finance: we have had a long period of persistently low interest rates and we are witnessing a technological and digital revolution. In the meantime, since the Financial Conduct Authority (FCA) took over responsibility for regulating consumer credit from the Office of Fair Trading (OFT) in April 2014, we have experienced unprecedented levels of regulatory scrutiny and change. Despite this, as firms adapt to keep up, we find that credit is now available more widely, and in more different forms, than ever before.
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