Having served as interim chief executive for six months, Christopher Woolard will leave the Financial Conduct Authority (FCA) on October 1.
He will then move on to chair a review of the future regulation of the unsecured credit market, reporting to the FCA Board. 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.
“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,” said Woolard. “I’d like to thank my many colleagues over the last eight years for all their help and support. I am delighted to be asked to lead a timely and significant review where access to sustainable credit is of great importance to so many people.”
“I am grateful for Chris’s contribution to the FCA, particularly during the last six months as he has led us through the coronavirus crisis with huge energy and skill,” said Charles Randell, chair of the FCA.
“Chris’s deep understanding of the unsecured credit market makes him the ideal person to advise the Board on the development of regulation to support sustainable unsecured lending. Unsecured lending can be critical to helping people through tough times but can cause serious harm if it’s not well regulated.”
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