The FCA has published new rules for “Buy Now Pay Later” finance.  The changes are a positive step for consumers by the industry regulator as they will both simplify and improve BNPL credit options. The new rules concern both how the credit option has to operate and how it can be marketed going forward, specifically: […]

FCA warns firms not to use their authorisation status for promotional purposes

The FCA has found that some firms have been using their FCA authorisation status in a promotional way. This is against FCA rules and any firms that have used their status in this way should cease doing so. The FCA has issued a statement reminding firms about their obligations when communicating with clients, and strongly […]

Reminder about displaying your FCA FRN number

Reminder about displaying your FCA FRN number The FCA have reminded firms that they are only allowed to continue to use their Interim Permission (IP) number for 90 days following authorisation. After that period the firm should have ensured that it has replaced the IP number and displays its FRN number. You can locate your […]

The Consumer Credit (Disclosure of Information) (Amendment) Regulations 2016

The Consumer Credit (Disclosure of Information) (Amendment) Regulations 2016 have been published. It amends the rules for companies around using their Firm Reference Numbers (FRN). In short, once authorised and issued with an FRN, a company may  continue to use its ‘Interim Permission Number’ on forms for a period of 90 days after that it […]

New FCA website to launch in June

The Financial Conduct Authority (FCA) is to launch a redesigned website in June with the aim of improving users’ experience. The refreshed site has been designed to: present information in a clearer and better structured way make it easier to find, understand and complete regulatory tasks and information work equally well on a desktop PC or […]

Tracey McDermott to leave the FCA

Tracey McDermott, Acting Chief Executive, has announced she is leaving the Financial Conduct Authority (FCA) on 1 July 2016. Andrew Bailey was appointed as the new Chief Executive on 26 January and will take up the position on the 1 July 2016. Tracey became the Acting Chief Executive in September 2015. She has previously been Director […]

Consumer credit regulation: the journey so far

Consumer credit regulation: the journey so far On the 7 April Tracey McDermott, Acting Chief Executive of the FCA, delivered a speech at the Credit Summit and outlined the journey consumer credit has been on since the FCA took over responsibility. On1 April 2014 around 50,000 firms transferred with interim permission from the OFT to […]