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 […]
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 […]
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 […]
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 […]
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 […]
Creating & implementing a Vulnerable Persons Policy within your sales team
Ensuring that consumers are treated fairly is an overarching objective for the FCA. The FCA particularly want to ensure that consumers in vulnerable circumstances are protected – this includes protecting people from over-indebtedness. The FCA define a vulnerable consumer as ‘someone who, due to their personal circumstances, is especially susceptible to detriment’. Your sales team […]
Looking for some practical assistance with your FCA Authorisation application?
What assistance with your FCA Authorisation is available? Direct from the FCA The FCA have published a number of guides to help with completing your online application. From this webpage you can find links to guidance notes and sample forms http://www.fca.org.uk/firms/firm-types/consumer-credit/authorisation. You can also telephone the FCA with your queries too, all contact information can be found […]