FCA Approved Persons
FCA Approved Persons An approved person is an individual who has been approved by the FCA to perform one or more controlled functions on behalf of an authorised firm. To become an approved person, a candidate must first apply to the FCA. Approval must be obtained before a person can perform a controlled function. What is the […]
Making consumers aware of your complaints procedures
Financial Conduct Authority & Financial Ombudsman Service Update: Making consumers aware of your complaints procedures The FCA, in conjunction with the FOS, has recently updated the Consumer Awareness Rules relating to complaints handling. Specifically, you now need to post details about your complaints-handling procedure on your website. We recommend that you include a link to the […]
How to complete your FCA Application for Full Authorisation
A quick guide to the FCA’s online application process by Business Development Manager David Grant The following notes have been put together to assist with submitting your application for full authorisation. 1) Getting started To get started click on http://www.fca.org.uk/firms/firm-types/consumer-credit/authorisation. Then scroll down the page to Step 4 & Apply for “New User Registration”. Click […]
Your FCA Landing Slot: Are You Ready?
Make sure you’re well prepared before submitting your FCA application Over the last few months we’ve been busy advising retailers on their FCA applications, and we’ve come up with a few tips to make the process easier & smoother: Don’t assume the application is quick to do and leave it until the last minute. You can […]
New rules on credit broking & financial promotions
In January, the FCA published new rules on credit broking and financial promotions, this was in response to consumers’ confusion about the status of credit brokers. As a result all credit brokers now need to include their legal name (as it appears in the FCA Register) on all advertising and correspondence with customers. Advertising and […]
Should your business have limited or full permission?
When your ‘landing slot’ is due, should you apply for limited or full permission from the FCA? One question we’re frequently asked by retailers is, which type of permission do I need to apply for, limited or full? It’s really important to get your application right, because if you apply for the wrong permission then it […]
Latest FCA Consumer Credit Fee Information
The FCA’s website has been updated following its annual consultation on consumer credit fees. The 3 types of fees charged by the FCA: 1. Authorisation application fee Firms have to pay a non-refundable application fee when they apply for authorisation. The application fee that a firm offering consumer credit has to pay depends on the size of its […]
The FCA’s Application Period 1 comes to an end
Update from the FCA At midnight on the 31st December 2014, the first application period for firms with interim permission came to an end. Those firms that have successfully submitted a complete application to become authorised for limited or full permission will now be assessed by the FCA. If a firm intends to continue to […]
FCA Guidelines on Advertising updated
The FCA has revised its guidelines on Consumer Credit Advertising Regulations. The guide, known as CONC3, was republished this month and is available on the FCA’s website http://fshandbook.info/FS/html/handbook/CONC/3 In addition, CCS has also received updates on advertising compliance from lenders. As a result we have updated our own CCS Advertising Guide. If you have an old […]
First round of applications for full authorisation have now been submitted to the FCA
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 […]