Consumer credit support

Consumer Credit is now regulated by the FCA, which represents a significant tightening of supervision and monitoring.

If you offer credit to consumers you need to be both properly authorised and to understand the impact on your business of FCA regulations or you risk disciplinary action.

We provide CCA support to a range of firms so whether it’s applying for authorisation or assistance in understanding and meeting your obligations, UKGI can help.

Despite the fact that the first deadlines for variations of permission for consumer credit closed back in 2014, we know there is still confusion about what types of permissions firms need to apply for, with certain activities being judged by some case handlers at the FCA as straying into debt administration. 

It’s obviously crucial to get your permissions right from the start, so if you are considering offering consumer credit we can help walk you through the options for your business.

FCA Authorisation

If you are considering offering credit, you will need to apply for full permission or, if you are already authorised by the FCA for other activity, a variation of permission.  This will require you to:

  • Complete a detailed application form
  • Submit a regulatory business plan
  • Confirm that you have a compliance manual and compliance monitoring arrangements in place. 

The FCA may then ask to see items such as your conflicts of interest policy or your financial crime or complaints procedures.

If you feel you need assistance with your application or supporting documents we can help.  We have considerable experience of the FCA application process - whether that’s checking forms and providing guidance or full completion of all documentation.

Bear in mind the application process can sometimes be complex and time consuming, especially for those new to the FCA’s approach. It is important to get your initial submission right to avoid requests for further information or delays to your application. 

Compliance Support

Make no mistake the FCA is a hands on, intrusive regulator.  Firms should already be complying with regulation and you should not underestimate the regulatory risk of non-compliance.  We’ve seen first-hand a number of businesses which are failing to comply largely because they are simply not clear about what they should be doing.

We can help you to trade compliantly by:

  • Clearly setting out the requirements for your specific sector
  • Giving advice and guidance on what the FCA rules mean in practical terms
  • Reviewing your systems and controls, including governance arrangements
  • Assessing your operational procedures and customer disclosures
  • Providing ongoing updates on regulatory developments

Further information

Call us today on 01925 767 888 to discuss how we can support your business.

Next workshop

16 Oct 2014
North West
The Cottons hotel (Knutsford)

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For consumer credit help and support call
01925 767 888