The FCA will have more authority to act against law breakers.
The National Pawnbrokers Association (NPA) and its members have officially begun operating under the Financial Conduct Authority’s (FCA) new regime for regulating consumer credit.
This differs in many ways from the previous Office of Fair Trading (OFT) regime. The FCA will now have more authority to act against those who do not conform to the law or process requirements.
From now on, members will be required to report certain information, alongside completing essential processes, procedures and plans.
The NPA gave members the opportunity to learn about the changes via roadshows in Birmingham and London earlier this year.
NPA chief executive Ray Perry said: “Members of the NPA have conformed to Consumer Credit laws and requirements and we are confident our pawnbrokers will continue to do so in the new regime.
“The NPA has been highly involved in helping the FCA develop appropriate rules for pawnbroking for this change. We see our role as more important than ever in supporting our members to ensure they understand and keep up-to-date with the FCA rules and are able to put in place measures to ensure compliance is maintained. We are keen to continue to demonstrate the professionalism of the sector.”