Lord Turner has said one of the most important roles of the Financial Conduct Authority will be its responsibility for consumer credit.
Lord Turner, who is chairman of the Financial Services Authority, was speaking at the Parliamentary Commission on Banking Standards this morning.
Asked by commission member John Thurlow MP what the commission should review next year regarding the FCA, Lord Turner said consumer credit would be very important.
Lord Turner said: "There is a new area of responsibility which we haven't yet focused on how important it's going to be which is what are you doing with your new responsibility for consumer credit.
"I think people think we're in charge of consumer credit already, they probably think it's one of the most important things."
The regulator will get responsibility for consumer credit from the Office for Fair Trading from March 2014.
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Lord Turner said the introduction of responsibility for consumer credit would mean new problems for the FCA as it would reach a different consumer.
"It makes the FCA much more involved in the mass market, ordinary people than it's been in the past. A lot of investment products and what IFAs do is skewed towards upper income people, moderate wealth type people. Consumer credit will get us involved in very complicated issues, particularly on the caveat emptor approach. What is the responsibility for someone providing consumer credit to make sure that is good deal for the individual?"
Lord Turner was accompanied in Parliament by Martin Wheatley, managing director of the FSA conduct business unit and designated chief executive of the FCA.

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