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UK Finance supports FCA regulation of DPC, emphasising the need for proportionality and flexibility in the approach taken.
UK Finance has long supported the principle of “same activity, same risk, same regulation,” in line with this, we welcome and support the FCA’s desire to bring DPC products into regulation. We see the regulation of DPC and the ongoing reform of the Consumer Credit Act (CCA) as being critical to modernising the UK’s credit market, enhancing consumer protections and improving their overall experience.
Much of our support is predicated on the idea that the reform of the CCA will progress quickly and we have made a concerted effort to align our positions on DPC regulation with our positions on CCA reform.
Members support the overall direction that has been adopted by the FCA, and we will continue to engage with members and the FCA in anticipation of the July 2026 regulation implementation date.
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