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Compliance Advice for FCA Consumer Credit Applications
Want to carry out consumer credit activities in the UK?
If you want to carry on any regulated activities in the UK you will need to be either authorised by the FCA or have a valid exemption from FCA authorisation.
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Since April 2014, the FCA has taken over the regulation of the consumer credit market from the Office of Fair Trading.
Firms that are carrying out regulated activities must be authorised, or exempt. Carrying on a regulated activity without authorisation from the FCA and without the correct permissions, is a criminal offence.
Is your business intending to finance sales of retail goods or services in the UK?
Are your business activities debt management, debt collection or credit repair?
EXPERTISE
Successfully guiding you through the regulatory process with a dedicated team of experienced compliance consultants
STRATEGY
Navigating a clear and strategic path through the complex regulatory requirements with insight and firm analysis.
MONITORING
All FCA compliant companies are obliged to monitor the latest standards and stay up to date.
Compliance Advice for FCA Consumer Credit Applications
Some consumer credit firms can benefit from a “lighter touch” regulation, called “limited permission” including some firms that carry on regulated activities as a secondary activity to their core business activities.
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The FCA authorisations process can be a minefield for consumer credit businesses and individuals. At complianceadvice.co.uk we can help take the pressure off by doing the groundwork for you. We can help you with:
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Deciding what FCA permissions your firm needs
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Identifying which individuals within your firm will need to be approved by the FCA
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Identifying what functions individuals within your firm hold
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Completing FCA forms
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Preparing your Regulatory Business Plan
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Mapping responsibilities and preparation of Statements of Responsibilities
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Helping you with skills gaps analyses and learning and development plans
Preparing an FCA application can be quite daunting as there is a significant amount of information that the FCA requires. It’s also important to get it right first time. The FCA will make a decision on firm applications within 6 months but, if an application is incomplete, they can extend this by up to 12 months by law.
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And, for individuals, the statutory time-frame is 3-6 months but, again, this can be extended to 12 months if an application is incomplete.
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With pressure from funders and shareholders it is essential to get your business up and running as soon as possible and to get the right senior people doing their jobs as quickly as possible. So, it is absolutely critical to get an FCA application right first time.
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At complianceadvice.co.uk we’ll help you to get it right first time! Call us today for advice and guidance on all your FCA consumer credit authorisation requirements.
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