Appointed Representatives: How it works for businesses
What’s an FCA Appointed Representative (AR)? The FCA’s website states that “an appointed representative is a person or firm who conducts regulated activities and acts as an agent for a firm directly authorised by the FCA.” The directly authorised firm is known as the appointed representative’s ‘principal’. How does the AR / Principal Relationship Work? […]
FCA compliance is a top priority for the CCS Team
by Andy Wallace I’m often asked, why CCS isn’t FCA authorised? Quite simply, the FCA don’t need us to be. Only businesses in direct contact with the end-customer have to hold authorisation, and we, of course, provide a business-to-business service. This decision has, of course, been fully supported by our panel of lenders, including market-leading […]
FCA’s General Principles
Below are the FCA’s General Principles. Businesses applying for authorisation will need to provide evidence and demonstrate that they are embedded into the company’s culture. 1 Integrity A firm must conduct its business with integrity. 2 Skill, care and diligence A firm must conduct its business with due skill, care and diligence. 3 Management and control A firm must take reasonable care to organise and control […]
How to apply for FCA Authorisation
In order to offer credit to customers you need to be authorised by the FCA. If you currently hold an interim permission then you should have received a letter from the FCA outlining your date period for submitting your application. Applications need to be submitted using the FCA’s online system CONNECT. If you don’t apply […]
Added the wrong category to your FCA Interim Permission? How to get it updated…
Mistakes happen. And if you’ve inadvertently added the wrong permission (category) to your Interim Permission, then all is not lost. You could simply apply for a variation of permission via the FCA’s website. However, you may not need to take any action. The FCA should have written to you and advised when to apply for full […]
Why FCA regulation is actually good for your business…
by Andy Wallace | Managing Partner It’s fair to say the FCA’s take-over of consumer credit regulation on the 1st April has caused a few ripples across the industry. Change tends to cause apprehension, and many retailers are uncertain about what FCA regulation will actually mean for their businesses; will it be a drain on […]
The latest consumer credit update from the FCA
As of the 1st April the number of firms with interim permission had reached 49,405. Interim permission allows firms to continue carrying out regulated consumer credit activities until they are fully authorised. FCA authorisation is the replacement for the OFT licensing system. The FCA is taking a phased approach to its new authorisation process. They will be reviewing thousands […]