It’s been three months since the first companies with interim permission (IP) applied for full authorisation with the FCA and they are now awaiting a decision on their application. Over the next 15 months all of clients with IP will have to go through this process.
It’s important to remember that your business has to meet its application period deadline (or ‘landing slot’). If you haven’t completed your application by the time your IP lapses then you will have to cease offering credit to your customers. Unfortunately, we’re aware this situation has occurred for a couple of retailers, who didn’t allow enough time to write and submit their application.
The FCA has developed a number of tools to assist companies with their applications, in addition CCS has also produced a series of templates that will help you complete the regulatory business plan, which has to be submitted with applications for full authorisation. Please contact us on 0845 120 6666 if you would like copies of templates or need advice on completing your application form.
We strongly advise clients to start collating the information needed for application as early as possible, don’t wait until your ‘landing slot’ date is due.
The FCA have also posted a series of webinars on its website that aims to answer frequently asked questions.