Credit Hub Lawyer

Requirements of the role

Credit Team 1 sits within the Payments, Credit, Competition and Claims Management Department in the Regulatory and Corporate Legal Directorate of the FCA. Credit Team 1 and Credit Team 2 collectively form a Credit “hub” and share responsibility for the provision of advice on the regulation of consumer credit, mortgages and claims management. This covers advice on lending and credit broking (including high-cost lending and credit cards), mortgage lending, arranging and intermediation, debt-related activities (including debt collecting and debt advice) and credit information services (including the operation of credit reference agencies).

The credit hub’s work is closely aligned with the FCA’s commitment to supporting the government’s growth agenda and several of the hub’s projects feature in the CEO’s recent letter to the Prime Minister.

Current projects include:

• Proposals to simplify the responsible lending and advice rules for mortgages that have been in place since the 2008 financial crisis
• Drafting new rules and guidance in the credit handbook for Deferred Payment Credit (also known as unregulated Buy Now Pay Later lending) shortly to become regulated
• Working closely with HM Treasury on wider reform of the Consumer Credit Act 1974
• Improving credit information with changes to industry governance and introducing new rules and guidance following the Credit Information Market Study
• Advising on high profile motor finance commissions work, investigating harm that may have been caused by the use of commission arrangements in the motor finance sector. The programme comprises of different workstreams which include advising on senior court litigation, redress, forward looking policy and assessing the potential wider impact

The Credit hub is part of the Payments, Consumer Credit, Claims Management and Competition Department in the Legal Division. There are 33 lawyers in the Department.

What will you be doing?

You will be providing legal advice on a variety of matters across the FCA’s portfolio of credit, mortgages, debt and claims management work, in particular:

• Advising policy on the regulatory regimes and providing legal support in respect of policy project, including drafting rules and guidance
• Advising on the regulatory perimeter, for example in respect of authorisation and regulatory sandbox cases
• Providing legal support in respect of the supervision of retail firms, including consumer credit and mortgage lenders, credit brokers, mortgage intermediaries, appointed representatives, and CMCs
• Developing knowhow resources and delivering training

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