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<p>The Government has fundamentally reformed regulation of the consumer credit market,
transferring regulatory responsibility to the Financial Conduct Authority (FCA) on
1 April 2014. Although the Treasury sets the legal framework for the regulation of
financial services, the FCA is an independent body. Therefore this is a matter for
the FCA.</p><p> </p><p>The FCA has tough enforcement powers – criminal, civil and
regulatory – to protect consumers and to take action against firms and individuals
that do not meet its standards. Since the transfer, the FCA has taken a proactive
approach on consumer credit, to ensure that all consumers who use high-cost credit
products are treated fairly.</p><p> </p>
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