The FCA's focus is on consumer credit is likely to harden in the aftermath of a budget that confirmed UK households' income will remain squeezed over the coming years.

Household (unsecured) debt has been an FPC and FCA concern for nearly a year, and even a quick reading of the Resolution Foundation analysis - in conjunction with the IFS' (including revealing graphs) - demonstrates that the profound nature of the fall in real incomes seen the last decade is likely to continue for a while yet.

The consumer credit sector has quickly become a core part of the FCA's remit, despite its limited fees base. And it will only become more critical over the coming years, additionally so given its concentration of vulnerable consumers. This will likely require a shift in the FCA's resourcing model, with knock on effects for other sectors.