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The reason why the FCA should govern for the many and not for the few (or Michael Sheen)

In comparison to current account loans, credit card loans and car financing, which make up the lion's share of credit for consumers, high-cost loans are tiny. Yet it presents the FCA with the most tricky policy challenges: put the activists out to tender and address the creditors; or prioritize the consumers and gain creditors.

Lead credit unions are demanding stricter checks. FCA tries to reconcile consumers' need for credit with the need to save them from damage, and Andrew Bailey is well conscious of the uncertainty of this act of equilibrium. Speaking to bankiers last year, he confirmed that "there is a problem with credit availability that for me is at the centre of our interest in expensive credit.

To put it bluntly, it would not be an agreeable result to exclude consumers from having credit if they have a legitimate credit need, e.g. to "smooth out" irregular or clumsy incomes. Borrowing-benefit organisations are more determined. The recipe is easy for them: lenders' fees are limited and susceptible consumers will be less encumbered.

Assuming continued growth in the market, it will be met by societal creditors such as credit cooperatives. George Osborne was even vulnerable: it was he as Chancellor who established the upper limit for daily pay donors. However, the FCA must oppose the maelstrom of policy and must settle in the interests of the million who need credit to administer their budget.

As inconvenient as it may be, the bare reality is that there is a cause and effect relationship between measures to improve consumers' rights and a reduction in the provision of legitimate credit to them. It is ironic that the measures to limit fees and safeguard consumers ultimately have the opposite effect. Guilty fans deny this, but the proof is growing daily.

The Q1 loan rate environment showed that the disposability of uncollateralised loans to household borrowers had declined "significantly" in the first three months as creditors strengthened their covenants. In May, the bank's monetary and credit poll revealed a further narrowing: the first month-on-month fall since 2013. Secondly, the government's April statement to raise financing for its illicit lending teams by 16%.

Ministry of Finance acknowledges that over 300,000 individuals are indebted to illicit creditors, with many analysts saying the figures in the "ghost economy" are much higher. EZV's own statistic shows 3. 6 million British adult borrowers borrow from "friends and family", for many a reverberation for non-regulated creditors. In spite of the allegation that there was no'waterbed effect' as he established the limit on payment day credits, Bailey acknowledged that the amount of unpaid rent-to-own and home credit debts had more than doubled in the two years since the limit was established.

There are clear conclusions: the overall credit available is declining; FCA intervention reduces selection but not demands; and the frequency of illicit, non-regulated credit increases accordingly. One lesson should also be clear: restricting the credit offer does not help to curb aggregate consumption. Remove the first option and consumers will look for alternative options.

Either way, the suggested affordable regime will be much more likely to apply to companies that serve non-mainstream consumers than to them. This will lead to withdrawal from the markets and reduced consumer accessibility and choices. That may be what the activists want, but it will not be greeted up and down by the overwhelming bulk of consumers in the state.