FCA Consumer Credit Update

The FCA issues regular consumer credit email updates and the latest one contains some important information.

Rebate deadline ends this month  

Firms that may be eligible for a rebate on CC fees previously paid to the OFT have until the 30th June 2014 to apply for the rebate. If you have not already done so and think that you qualify for a rebate, you should send your application to the FCA before the end of June.

Find out more here.

Cascading Consumer Credit Permissions from Principal Firms to Appointed Representatives 

The application period has opened for firms who want to be a principal and take on responsibility for appointed representatives’ consumer credit activities. The application period will run until 31 August 2014, so timescales are relatively short.

There is some essential further reading available here. 

Important Note

Please note that the FCA updates cover a wider range of topics and issues than those highlighted in this article. Our aim is to focus on those issues most relevant to ATEB clients. If consumer credit is relevant to your firm, you should sign up for the FCA emails here and visit the FCA CC web pages 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

It is very important that firms carrying interim consumer credit permissions monitor ongoing FCA developments and are aware of application processes and deadlines.

Action Required By You

As noted above. ATEB clients should discuss with their consultant as necessary.

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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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