Life after FCA Authorisation
by Colin Macpherson You may have gained your authorisation from the FCA, or maybe you are currently going through the application process. You may even be one of the last ones to apply – all applications from credit brokers with interim permission have to be in by 31st March 2016 at the latest. But wherever […]
Approved Person: Your role & responsibilities
Approved persons have to know and meet our regulatory requirements, as well as understand how to apply them. In short, an approved person needs to: Meet and abide by the rules of the FCA’s fit and proper test Comply with the FCA’s Statements of Principle and the Code of Practice Report anything that could affect their […]
Promotions & FCA Compliance: Crystal Clear or Clear as Mud?
A quick guide to creating promotions that are clear, fair & not misleading By Heather Carey Whenever the topic of advertising compliance comes up, I’m often asked what the FCA’s central requirement, that promotions should be clear, fair and not misleading, actually means. After all the words ‘clear, fair and not misleading’ are extremely subjective, and […]
Customer Awareness Rules – your responsibilities
The Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) have recently reiterated the rules around making sure consumers are aware of finance complaints procedures. In short: You must make customers aware of your finance complaints process at, or immediately after, the point of sale. You have to provide your complaints process in writing […]
First Anniversary of CCS ‘Choices of Funding’!
Twelve months ago we announced our unique Choices of Funding approach to help retailers present all available repayment options to customers equally and compliantly. Many of you have now introduced the process and are reaping the benefits. In many cases it’s not only helping with FCA compliance, it’s also substantially increasing credit sales and order […]
FCA pushes for “smarter communication” with customers
The Financial Conduct Authority (FCA) has kick-started a debate to encourage regulated firms and consumer groups to improve how they communicate with consumers. The FCA is concerned that customers can struggle to understand the information presented to them and that it can, in fact, overwhelm, confuse, distract or even deter people from making effective choices […]
New FCA Handbook & PRA Rulebook issued
New FCA Handbook & PRA Rulebook issued New FCA Handbook and PRA Rulebook websites were launched on the 29th August. The CONC Consumer Credit Sourcebook, which details all the rules pertaining to consumer credit broking, can now be found here https://www.handbook.fca.org.uk/handbook/CONC/2/
FCA Questions & Update
In the course of meetings with retailers, our Business Development Managers are often asked questions regarding the FCA. A number of these questions crop up quite frequently, so we’ve summarised the answers below for your information. If you have any additional queries, then please call your BDM or ring Head Office on 0845 120 6666. […]
Questions the FCA may ask following an application submission
Typical questions the FCA ask following an application submission for Full Permission Below is a list of typical questions FCA case-handlers are asking retailers following receipt of a full permission application. Most of the information should have been included within the business plan you submitted as part of your application, but please be aware case-handlers […]
FCA Update: Instalment Exemption
FCA Update: Instalment Exemption Under specific circumstances businesses who are offering or broking interest free credit do not need to be registered with the FCA. These rules on instalment exemption have recently been extended by the Government. From 18 March 2015 businesses offering interest free credit can increase the maximum number of instalments from 4 […]