The FCA Consumer Credit regime began in April 2014 following the end of the previous regime operated by the Office of Fair Trading. All firms undertaking regulated consumer credit activities are now subject to the FCA and must either hold interim permission, be authorised or be exempt. These activities include:
• Lending and credit broking
• Peer-2-Peer and crowdfunding
• Debt Management
• Debt Collection
• Credit Repair
Some firms are able to hold limited permission authorisation but for most full permissions will be required in order to trade. The FCA Consumer Credit ready tool enables firms to assess whether they require limited or full permission.
The authorisation process for FCA consumer credit activities involves demonstrating to the FCA that the firm’s business model is one which is compliant, that the firm has appropriate systems and controls in place, that the proposed approved persons are fit and proper, and that the firm will operate compliantly. In addition to completing the FCA consumer credit application form firms must also provide a number of supporting documents including relevant risk assessments.
Scott Robert are experts in consumer credit; our team consists of ex-regulators, legal practitioners and industry professionals which is why we’ve been chosen by thousands of firms to assist them with their compliance.
Speak to one of our experts today for confidential and no obligation advice about FCA Consumer Credit authorisation and compliance.