Christopher Woolard to chair the unsecured credit market regulatory review
The Financial Conduct Authority (FCA) has confirmed that Chris Woolard will chair a review of future regulation of the unsecured credit market, reporting to the FCA Board of Directors.
The review will focus on how regulation can best support a healthy unsecured loan market.
According to the authority, the impact of the coronavirus on job security and credit scores, changes in business models and new developments in unsecured lending, including the growth of unregulated products in the business of detail and in the workplace, will be taken into account.
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Woolard will be assisted by an advisory group and will make recommendations to the FCA Board of Directors in early 2021.
In addition, Woolard will step down from the FCA Board of Directors and any managerial or decision-making position on October 1, 2020.
Upon completion of the exam, Woolard will leave the FCA. He will not accept any external appointment for at least six months after the end of his executive functions.
Charles Randell, President of the FCA, said: “I am grateful for Woolard’s contribution to the FCA, especially over the past six months as he has led us through the coronavirus crisis with energy and energy. huge skill.
“Woolard’s in-depth understanding of the unsecured credit market makes him ideally suited to advise the board of directors on the development of regulations to support sustainable unsecured lending.
“Unsecured loans can be essential in helping people get through tough times, but can cause serious damage if not properly regulated. “
Woolard added: “It has been a tremendous honor to serve as the Managing Director of FCA at such a critical time for the country and financial services.
I would like to thank my many colleagues over the past eight years for their help and support.
“I am delighted to be asked to lead a timely and important review where access to sustainable credit is of great importance to so many people. “