Clause 5 - The new Regulators

Part of Financial Services Bill – in a Public Bill Committee at 4:30 pm on 6 March 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 4:30, 6 March 2012

Let me clarify matters. There will be a cutover from the OFT to the FCA and, until that happens, the OFT will clearly be in charge of the regulation of consumer credit. The Bill will facilitate that transfer.