The Consumer Credit (Disclosure of Information) (Amendment) Regulations 2016

The Consumer Credit (Disclosure of Information) (Amendment) Regulations 2016 have been published. It amends the rules for companies around using their Firm Reference Numbers (FRN). In short, once authorised and issued with an FRN, a company may  continue to use its ‘Interim Permission Number’ on forms for a period of 90 days after that it […]

New FCA website to launch in June

The Financial Conduct Authority (FCA) is to launch a redesigned website in June with the aim of improving users’ experience. The refreshed site has been designed to: present information in a clearer and better structured way make it easier to find, understand and complete regulatory tasks and information work equally well on a desktop PC or […]

Consumer credit regulation: the journey so far

Consumer credit regulation: the journey so far On the 7 April Tracey McDermott, Acting Chief Executive of the FCA, delivered a speech at the Credit Summit and outlined the journey consumer credit has been on since the FCA took over responsibility. On1 April 2014 around 50,000 firms transferred with interim permission from the OFT to […]

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 […]

Approved Person: Your role & responsibilities

Approved persons have to know and meet our regulatory requirements, as well as understand how to apply them. In short, an approved person needs to: Meet and abide by the rules of the FCA’s fit and proper test Comply with the FCA’s Statements of Principle and the Code of Practice Report anything that could affect their […]

Promotions & FCA Compliance: Crystal Clear or Clear as Mud?

A quick guide to creating promotions that are clear, fair & not misleading By Heather Carey Whenever the topic of advertising compliance comes up, I’m often asked what the FCA’s central requirement, that promotions should be clear, fair and not misleading, actually means. After all the words ‘clear, fair and not misleading’ are extremely subjective, and […]

FCA pushes for “smarter communication” with customers

The Financial Conduct Authority (FCA) has kick-started a debate to encourage regulated firms and consumer groups to improve how they communicate with consumers. The FCA is concerned that customers can struggle to understand the information presented to them and that it can, in fact, overwhelm, confuse, distract or even deter people from making effective choices […]

New FCA Handbook & PRA Rulebook issued

New FCA Handbook & PRA Rulebook issued New FCA Handbook and PRA Rulebook websites were launched on the 29th August. The CONC Consumer Credit Sourcebook, which details all the rules pertaining to consumer credit broking, can now be found here

FCA Questions & Update

In the course of meetings with retailers, our Business Development Managers are often asked questions regarding the FCA.  A number of these questions crop up quite frequently, so we’ve summarised the answers below for your information.  If you have any additional queries, then please call your BDM or ring Head Office on 0845 120 6666. […]

FCA Update: Instalment Exemption

FCA Update: Instalment Exemption Under specific circumstances businesses who are offering or broking interest free credit do not need to be registered with the FCA. These rules on instalment exemption have recently been extended by the Government.  From 18 March 2015 businesses offering interest free credit can increase the maximum number of instalments from 4 […]