LONDON, June 29 (Reuters) - Britain’s financial watchdog is taking a closer look at the car financing sector and has sought advice from U.S. regulators, Andrew Bailey, chief executive of the Financial Conduct Authority, said on Thursday.
He said the starting point is whether there has been a structural change in car financing in Britain.
“My hunch is there has been. It has become more like the U.S. market,” Bailey told reporters. “It has become more of a secured finance market than it was in the past.”
In the recent growth in consumer credit which the Bank of England has taken note of, cars were “quite a big part of the story”, Bailey said.
Reporting by Huw Jones; editing by Jason Neely