Consumer Credit – When to Apply for Full Authorisation

For firms holding an interim permission the FCA has started issuing notifications informing them of the allocated application period within which they must apply for full permission.

If you have not received this notification by 15 May 2014 you must email with your OFT licence number (if applicable) in the subject line. 

The authorisation period lasts for 3 months and will be allocated, for most firms, between 01 October 2014 and 31 March 2016. It is imperative that you diarise and apply for full permission during this period. If you apply before the allotted time your application will not be processed and if you have not applied by the end of the period your interim permission will lapse and you will be trading illegally for consumer credit activities.

The FCA is allowing firms that indicated they want to be a principal for appointed representatives to apply earlier, between June and August 2014. Principals can email to request an earlier application period and include the information in section 19 of the document that can be found here.

All firms, including those new to regulation, should read the FCA page titled ‘When to Apply’ here that includes further links to documents allowing you to prepare for full regulation now.   

The FCA is also broadcasting a consumer credit authorisation webinar at 14:00 on 29/04/2014 which you can register for here.

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

The Financial Conduct Authority is giving the industry plenty of time to prepare for full regulation, please don’t get caught out.

Action Required By You

  • Register for and watch the FCA consumer credit authorisation webinar;
  • Ensure you receive your allocated application period before 15 May 2014;
  • For those firms who have not received their notification before 15 May 2014 email the FCA – see main text;
  • Most importantly, diarise to ensure you do not miss you application period;
  • We would also recommend you notify your ATEB consultant and ensure the relevant date is entered into your compliance calendar;
  • Start preparing your application.
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About the Author

Steve is an ATEB Director and has a deep understanding of all matter regulatory, built up over his 30 years + in the industry. With a training background and a technical brain, he overseas numerous complex projects and client implementation work.

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