The Financial Conduct Authority (FCA) has confirmed that Chris Woolard will chair a review of the future regulation of the unsecured credit market, reporting to the FCA Board.

The review will focus on how regulation can better support a healthy unsecured lending market.

According to the authority, the impact of the coronavirus on employment security and credit scores, changes in business models and new developments in unsecured lending including the growth of unregulated products in retail and the workplace will be taken into account.

StepChange: SMI should return to benefit status to complement FCA guidance

Woolard will be assisted by an advisory group and will make recommendations to the FCA Board in early 2021.

Furthermore, Woolard will be stepping down from the FCA board and any executive or decision-making roles on 1 October 2020.

Following the completion of the review, Woolard will be moving on from the FCA. He will not take up any external appointment until at least six months after the end of his executive role.

Charles Randell, chair of the FCA, said: “I am grateful for Woolard’s contribution to the FCA, particularly during the last six months as he has led us through the coronavirus crisis with huge energy and skill.

“Woolard’s deep understanding of the unsecured credit market makes him the ideal person to advise the board on the development of regulation to support sustainable unsecured lending.

“Unsecured lending can be critical to helping people through tough times but can cause serious harm if it’s not well regulated.”

Woolard added: “It has been a tremendous honour to serve as chief executive of the FCA at such a critical time for the country and financial services.

I would like to thank my many colleagues over the last eight years for all their help and support.

“I am delighted to be asked to lead a timely and significant review where access to sustainable credit is of great importance to so many people.”