Skip to search box Accept additional cookies Reject additional cookies Search Search Main navigation About us Firms Markets Consumers News Publications Home About Us Review into change and innovation in the unsecured credit market (the Woolard Review) Review into change and innovation in the unsecured credit market (the Woolard Review) First published: 23/10/2020 Last updated: 02/02/2021 See all updates Information about our review of unsecured credit market regulation, chaired by Christopher Woolard CBE. Read the Woolard Review, published February 2021 In September 2020, the FCA Board asked Christopher Woolard CBE, former Interim Chief Executive to review change and innovation in the unsecured credit market. The Review concentrated on how regulation can better support a healthy unsecured lending market. It took into account the impact of coronavirus (Covid-19) 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. The Review sought the views of participants in this market including consumers, firms and their representatives. They had the opportunity to participate in roundtables and respond to a Call for Input. Scope of the review The terms of reference for the review were: To examine the current state of the unsecured credit market in the UK including the component parts, recent changes in size and scale, whether in regulated or in adjacent unregulated products. To examine changes in regulation, noting those areas that have been subject to regulatory oversight in recent years from a variety of bodies including the FCA (for example overdrafts or high cost credit), and comparing likely harms or dynamic effects seen in those areas. To examine the immediate effect of coronavirus on demand for unsecured credit and on the role of credit information. To report on possible trends and potential future pressures. To identify areas of growth in demand from consumers for credit including from non-traditional providers of credit. To present an assessment of the benefits and harms evident in the market and those that may be expected as the market develops. To compare international approaches to these issues where relevant. To make conclusions and recommendations to the FCA Board on management of harms in this sector; gaps in understanding or data; potential changes in regulation for the FCA to consider; advice on potential changes to the overall system the FCA may wish to consider with other authorities or the Government; and possible innovations to support a sustainable market. Advisory panel The work of the Review was supported by an advisory panel. This group of individuals brought a variety of perspectives from firms and consumers to help shape the review. The following individuals were members of the advisory panel: Member Profile Phil Andrew CEO, StepChange Steven Cooper CEO, C Hoare and Co Chair, Experian Limited Interim Chair, Social Mobility Commission Natasha de Teran FCA Consumer Panel Non-Resident Scholar, Carnegie Endowment for International Peace (FinCyber Programme) Kirsty Good Head of Campaigns, PR and Social, MoneySavingExpert.com Malcolm Le May CEO, Provident Financial Group Plc Vim Maru FCA Practitioner Panel CEO Retail Bank, Lloyds Banking Group Rebecca Pearson Operations Director, Bupa Care Services Marlene Shiels FCA Smaller Business Practitioner Panel CEO, Capital Credit Union Caroline Siarkiewicz CEO, The Money and Pensions Service Helen Undy Chief Executive, Money and Mental Health Institute Kirsty Ward Director, M&S Bank and Services Therese Chambers FCA Director, Retail and Regulatory Investigations Leading FCA’s consumer credit priority Roundtables The Review held 3 roundtables to help gather evidence. Notes of the topics discussed at these roundtables, below. Topics discussed Key points from Roundtable 1 – The drivers and use of credit Key points from Roundtable 2 – Change and innovation in the supply of credit Key points from Roundtable 3 – The role of regulation Page updates Was this page helpful? Yes No Submit Feedback Print Page Linkedin Twitter Share page More on the Woolard Review Woolard Review publication, February 2021 Call for Input, November 2020 Christopher Woolard to chair review of unsecured credit market regulation Accessibility Complain about us Copyright notice Corporate responsibility Cymraeg Freedom of information Modern Slavery and Human Trafficking Statement Privacy Sitemap Translated languages Social LinkedIn RSS Feed Twitter Registers and Systems Careers Contact Plain Language Commission Gold Award Copyright © 2021 FCA. All rights reserved. Back to top Company no. 01920623