U.K.'s Finance Watchdog Looks to U.S. for Help on Auto Loan Boom
- FCA’s Andrew Bailey says U.K. going through ‘structural shift’
- CEO says U.K. car finance market is becoming more like U.S.
This article is for subscribers only.
Andrew Bailey, the head of the U.K.’s top financial watchdog, is looking to his U.S. counterparts for help getting a grip on a consumer lending boom that’s raising alarm bells at the Bank of England.
Britain’s Financial Conduct Authority is studying a “long-term structural shift” in U.K. car finance, which is “quite a big part of the story” behind the rapid growth in household borrowing, the agency’s chief executive officer said on the sidelines of a British Bankers’ Association conference in London on Thursday.