FCA clamps down on credit brokers
New conduct rules aim to protect consumers from poor practices by credit brokers.
The Financial Conduct Authority (FCA) has urgently introduced new rules to tackle poor practice in the credit broking market after uncovering evidence of serious detriment to consumers.
New requirements are aimed at ensuring that customers are given clear information about who they are dealing with, what fee will be payable, and when and how the fee will be payable. The rules came into force on 2 January 2015.
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