The National Pawnbrokers Association (NPA) and its members have welcomed the Financial Conduct Authority’s (FCA) new regime for regulating consumer credit.
The NPA is working with the pawnbroking industry to ensure compliance with the new FCA Sourcebook (CONC), and says its members have been prepared and informed of the changes, which include reporting certain information and the required processes, procedures, systems and plans.
They have had the opportunity to attend roadshows hosted by the NPA and attended by the FCA to ensure they understand and follow the new rules and regulations.
The NPA’s 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.”
The FCA regime will differ in many ways from the OFT’s, and it will have more authority to act in a variety of ways against those who do not conform to the law and process requirements.