Menu
Consumer Credit Application Problems

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. 

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

Consumer Credit Application Problems

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

Information only.

Action Required By You

The message is clear, once you have your application and landing slot, start the process early.

The FCA will be issuing further guidance and instruction, such as a series of information webinars, so please follow developments.

 

SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

suit-oct23 big

Template Enhancements + New Morningstar & Transact-BlackRock Content Integrations

Suitability , , , , , , , , , , ,

We have completed the latest upgrade to ATEB Suitability on 26th October 2023. This update comes at no additional cost and provides various template-related enhancements as well as new additions to our content integration and content management libraries. Full details of the enhancements can be found in the tables below, but some of the highlights […]

Read More
Papers

Suitability reports – silver bullet, or not?

Compliance, Suitability , , , , , , ,

If you ask most advice firms which part of the advice process consumes the most time, most will reply: “Suitability Reports”. Based on the mammoth documents that some firms still produce, we can understand why. We do have some sympathy with firms though. On the one hand they’re told by the FCA that reports are […]

Read More
Final, Notice

FCA Final Notices – riveting reads

Compliance , , , , , ,

The title may well lead you to thinking that this guy isn’t too tightly wrapped and perhaps a couple of sandwiches short of a picnic, but there is method in the madness. Honestly. Most of you good folk out there will receive regular bulletins from various publications virtually every day (almost hourly if you subscribe […]

Read More
objectives

Unravelling client objectives

Compliance , , , , , ,

Client objectives are the starting point for virtually all advice scenarios, but how often do the objectives recorded on file look more like the product solution than what the client actually wanted to achieve? We check a lot of files and some client objectives are clearly articulated in the client’s own words and are supported […]

Read More
good-news1

Good news story!

Compliance , , , ,

Last week we reported that one of ATEB’s firms had received a monster information request from the FCA. This week we can report on the outcome.   Readers will be aware that the firm in question received an unsolicited request from a supervisor at the FCA to provide a very considerable amount of data and […]

Read More
Load More