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 application.period@fca.org.uk 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 application.period@fca.org.uk 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.
Consumer Duty – FCA information and help
Shirley McKenzie Compliance FCA, PI, Update
The FCA has added to its published information relating to Consumer Duty to help firms with implementation. The most recent addition to the Consumer Duty webpages is an information for firms page to help firms implement the Duty. This explains more on the areas of the Duty that firms have been raising queries […]