The Financial Conduct Authority (FCA) has confirmed that Chris Woolard will step down as interim FCA chief in October to chair a review of the future regulation of the unsecured credit market.
The Review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of the coronavirus on employment security and credit scores, changes in business models and new developments in unsecured lending including the growth of unregulated products in retail and the workplace.
The Review will be an important building block for the FCA’s Consumer Credit business priority, which it announced as part of its 2020/21 Business Plan in April of this year and which seeks to ensure that consumer credit markets work well. He will be assisted by an advisory group and will make recommendations to the FCA Board in early 2021.
Following the completion of the Review, Mr Woolard will be moving on from the FCA.
‘It has been a tremendous honour to serve as chief executive of the FCA at such a critical time for the country and financial services. I’d like to thank my many colleagues over the last eight years for all their help and support,” said Chris.
Nikhil Rathi becomes permanent chief executive of the FCA from 1 October 2020.