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.
The replacement business blind spot?
Paul Jay Compliance Drawdown, FCA, Pension, PI, platform, Switch, transfer
We’ve been involved with a number of firms who are on the acquisition trail and as part of the due diligence work we support them with, we check a lot of advice files. It won’t come as a surprise that many of these involve replacement business. What never ceases to amaze us is that, despite […]