CCL Fees – An Update

17 December 2013 Steve Bailey Compliance

After listening to the views of small firms at roadshows throughout the country, the FCA has announced that it has reduced its proposed consumer credit application fees for small firms. This has been published in a supplement to their fees Consultation Paper. Click here to access the supplement.

The FCA noted the potential for significant negative impact on businesses. As a result, they are proposing that small firms will pay no more than £1,000 in application fees, and those in the less complex categories will pay less.

They have also delayed the deadline to receive responses to question 1 (the supplement) of the consultation paper CP 13_14 until 16^th January 2014. The deadline for the other questions is still 6^th January.

Anyone who has already responded to the fees Consultation Paper may wish to reconsider their feedback to question one and send a new response by 16^th January 2014.

Don’t forget to check Our View about this article and the Actions Required By You

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Our view remains unchanged in that you still have the opportunity to respond to CP 13_14 and influence the FCA’s final policy on fees

Action Required By You

Read the consultation paper and supplement;
Feedback to the FCA regarding the papers;
Review your CCL permissions to ensure they are relevant to your business;
Amend your firms permissions if appropriate to do so;
Advise any advisers of limitations you impose as a result of any changes.

About the Author

Steve Bailey

Steve is an ATEB Director and has a deep understanding of all matter regulatory, built up over his 30 years + in the industry. With a training background and a technical brain, he overseas numerous complex projects and client implementation work.

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