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.
Mortgage advice and selling standards (Policy Statement 20/1)
Alistair MacDougall Compliance 2020, FCA, Mortgage, PI, Update
New rules around mortgage advice apply from 31 January 2020.