Govan Law Centre (GLC) has had a very productive and helpful meeting with the Financial Conduct Authority’s (FCA) new Head of Department, Scotland, Maggie Craig in Govan this morning. Before joining the FCA, Maggie held a variety of roles at the Association of British Insurers (ABI) including Director of Scottish Affairs, Acting Director General and, latterly, Director of Financial Conduct Regulation.
Maggie set out the new business strategy for the FCA’s increased presence in Scotland, which now employs 101 people in Edinburgh’s Fountainbridge, as well as the new opportunities for Scotland’s growing ‘fintech’ (financial technology) industry. The financial services sector contributes around £8bn to the Scottish economy.
Principal Solicitor, Mike Dailly set out GLC’s hope and aspiration for fintech solutions to revolutionise the free money advice sector in Scotland, by utlising opening banking developments from the revision to the EU’s Payment Services Directive (‘PSD2’) to streamline debt advice for both advisors and consumers. A good example of some of the opportunities for fintech solutions to help and empower consumers were set out in a Money Advice Service ‘Financial Capability Lab’ reportlast week.
Mike also discussed a number of concerns around some particular high cost credit card products, and mortgage lenders fees and charges, as well as recent developments with respect to potentially prescribed credit debt cases in Scotland, and excessive and punitive interest charges in cases where secured debt has been sold on. GLC agreed to keep in touch with Maggie on relevant areas of consumer interest in Scotland.