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.
Bed and ISA – not so straightforward anymore?
Lisa Cross Compliance 2022, Conduct, PI
Benjamin Franklin once said: “In this world nothing can be said to be certain, except death and taxes”. You could possibly add change to this, but the statement is indubitably as true now as it was then. And from a tax perspective, the reduction in the Annual Exemption Allowance (AEA) for Capital Gains Tax (CGT) […]