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 undertake consumer credit activities in the UK, it must apply for FCA authorisation. This gives assurances to customers that they are dealing with a reputable business that operates in a way that is fair and meeting our robust regulatory standards.

Firms that have allowed their interim permission to lapse but are still carrying out consumer credit would be committing a criminal offence. This is punishable by up to two years in prison, a fine, or both.

More information about the authorisation process can be found on the FCA website http://www.fca.org.uk/firms/firm-types/consumer-credit/authorisation