The FCA are finding that consumer credit applications are taking firms longer to complete than anticipated. This is primarily because the applicants are not familiar with the FCA process, terminology, etc. Many firms are applying for the wrong permissions – generally mis-understanding when they should apply for full or limited permissions.
This in turn is leading to higher numbers of applications being rejected by the FCA.
The FCA therefore wish to remind firms that they must submit their application by the end of their landing slot period, else they will no longer be interim authorised and will have to cease consumer credit activities.
Consumer Duty – the shape of things to come?
Paul Jay Compliance 2021, complaints, Conduct, email, FCA, Pension, Pension Transfer, PI, platform, Register, Switch, transfer, Xplan
In its numerous publications prior to the implementation of Consumer Duty, the FCA promised that it would be more proactive and take a forward looking view, rather than acting with the benefit of hindsight – something for which it has received criticism previously. We’ve been waiting to see how this would pan out and didn’t […]