The National Pawnbrokers Association (NPA) supports the Government’s review of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority’s (PRA) enforcement processes. The review considers the fairness, transparency, speed and efficiency of arrangements and processes for enforcement decision making amongst the regulators.
In April 2014, the FCA took over from the Office of Fair Trading (OFT) to regulate consumer credit, including the pawnbroking industry. The NPA has responded positively to the Treasury’s proposals.
The NPA’s submission supports the criteria set out in the review, while providing a number of recommendations to help further improve the working relationship with the FCA.
One proposal offered by the NPA suggests that the FCA should provide a model set of rules for each financial services sector. By clearly defining a set of rules in one easy to access document, smaller businesses who do not have compliance departments will be able to manage complex regulations without the fear of inadvertently infringing rules. The NPA is committed to working closely with the FCA and improving communication pathways for the benefit of all NPA members.
National Pawnbrokers Association Chief Executive, Ray Perry, says:
'We support the proposals set out in the Treasury’s review. The NPA believes it is essential that businesses and pawnbrokers have ample opportunity to understand the processes of enforcement decision making. Our focus is to work closely with the FCA to ensure all of our members clearly understand how the systems work.'
‘We regularly engage with all of our members, from large national pawnbrokers to smaller independent stores, to discuss industry topics. This ensures we represent the diverse range of views and issues present amongst our members.’