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Consumer Credit Licence Update

We recently posted a news item about the need to apply for interim FCA permissions before the end of November 2013 in order to benefit from a discount.

We have recently attended a seminar where the FCA Authorisations department estimated that they will receive around 51,000 applications. What is interesting is that they estimate that only 39,000 applicants actually require a licence.

Prior to applying therefore and potentially wasting money, you should fully understand when the CCL licence is required. This link provides a useful summary.

One other thing to note. You need to check that your current licence is correctly set up. If it is not, you should amend the licence with the Office of Fair Trading (OFT) prior to applying to the FCA for interim permissions. 

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

Consumer Credit Licence Update

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

This is not a straightforward topic to understand. The licence fee is not cheap however, so make sure you need one before applying. The OFT can be contacted on 08457 22 44 99.

Action Required By You

We would suggest that your Compliance Oversight (CF10) carefully reads this information to check if the firm is likely to fall into any of the CCL categories, and records his/her conclusions.

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