The director general of the FIN-FSA opened a conference on household indebtedness and macroprudential supervision. Her three main messages were: 1) Fundamental flaws have emerged in consumer protection. 2) Household indebtedness is at record levels and it is unclear if this trend can continue. 3) The current macroprudential toolkit is not fit for its purpose. She presented statistics showing over 380,000 people have bad credit records, household debt has more than doubled over 20 years, and construction is a cyclical sector. The director general concluded that consumer loan growth has unwanted side effects, household indebtedness has sharply risen, and the current macroprudential toolkit requires scrutiny and impact analysis to be