IMPORTANT NOTICE: The new rules ONLY apply to firms that charge fees for credit broking – therefore it does not apply to CCS retailers. 

The FCA has introduced new rules to protect consumers from fee-charging credit broking practices.  From 2 January 2015 credit brokers will be banned from charging fees and from requesting repayment details for that purpose, unless the broker has provided clear notice of the following:

The FCA has updated its rules due to concerns about the lack of transparency and the volume of complaints it has received about credit broking and fees.

Under the new rules, firms that charge credit broking fees will also have to notify the FCA of their domain name on a quarterly basis.

If you would like to read more then visit the FCA’s website.