Exclusive: FCA calls second-charge lenders in for March workshop to troubleshoot concerns

The regulator undertook a market review of the sector late last year and it is understood there will be a lender ‘briefing’ to analyse the results, with no warning of what will be covered.

Specialist Lending Solutions understands there has been some concern about how the market is operating from within the regulatory community and that action has already been taken.

The session is expected to be a workshop further targeting problem areas for improvement.

Trade body the Financial and Leasing Association (FLA) confirmed the meeting was on the cards.

FLA head of consumer finance Fiona Hoyle said: “Following the move of an entire sector into a new regulatory regime, it’s common practice for the regulator to see how firms are embedding the requirements, and to feedback their findings.”