Context
Brian Corr, the Interim Director of Retail Lending at the FCA, delivered his speech at the Credit Summit 2022.
Key points to note
The speech highlighted that a combination of low levels of resilience and rising costs has the potential to create serious financial problems for millions of people and could have significant implications across the credit sector.
During the speech Brian covered six key areas:
- Rising pressure on consumers
- Credit markets that support consumers- of particular note “We want firms to make the same shift as we are – focusing ever more closely on delivering the right outcomes for their customers.”. This in turn links in with the new Consumer Duty.
- Focusing on the right outcomes – the new Consumer Duty
- Helping borrowers in financial difficulty
- Helping people who can’t access credit
- Giving consumers the outcomes, they need
Next actions
None – for information and awareness