NACFB 2014: Regulation will be industry wide by 2016

Chairing a panel debate at the NACFB’s annual Expo in Birmingham, Johnson said an expansion of regulation was inevitable.

He said: “We will see regulation expand as we go forward and there will be full regulation by 2016. Expect all lending to be regulated.”

Nick Simpson, CCA director of the NACFB agreed but warned that the FCA still needs to improve its understanding of the market.

He said: “Regulation is looming but the FCA still doesn’t fully understand the market. The government’s target for the FCA was unrealistic and as a result they are still working to understand the market.

“However, regulation will come but expect some hiccups along the way.”

And Gareth Claxton said that brokers needed to keep challenging the regulator to maintain standards.

He said “It is essential that brokers continue to challenge the regulator about their rules to make sure that they are both suitable and workable for the industry.”