FCA Approved Persons
FCA Approved Persons An approved person is an individual who has been approved by the FCA to perform one or more controlled functions on behalf of an authorised firm. To become an approved person, a candidate must first apply to the FCA. Approval must be obtained before a person can perform a controlled function. What is the […]
Making consumers aware of your complaints procedures
Financial Conduct Authority & Financial Ombudsman Service Update: Making consumers aware of your complaints procedures The FCA, in conjunction with the FOS, has recently updated the Consumer Awareness Rules relating to complaints handling. Specifically, you now need to post details about your complaints-handling procedure on your website. We recommend that you include a link to the […]
FCA Guidelines on Advertising updated
The FCA has revised its guidelines on Consumer Credit Advertising Regulations. The guide, known as CONC3, was republished this month and is available on the FCA’s website http://fshandbook.info/FS/html/handbook/CONC/3 In addition, CCS has also received updates on advertising compliance from lenders. As a result we have updated our own CCS Advertising Guide. If you have an old […]
Treating customers fairly in practice (TCF)
Financial services outsiders must think it’s odd that the FCA regulator needs to compel firms to do something that surely should come naturally to any business. Why would you not want to treat your customers fairly? Are they not your lifeblood and the reason you are in business? In an article for the Consumer Credit […]
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 […]
Consumer Credit Promotions: Representative APR vs Representative Example
The following information is for guidance only, it’s not legal advice. We strongly recommend that you read the Consumer Credit Advertising Regulations and speak to your local Trading Standards Office or consult with a qualified legal adviser before publishing a promotion. Consumer Credit Promotions Promoting credit is guaranteed to bring people into showrooms or generate […]
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 […]
How to ensure your credit promotions are compliant…
What is a ‘promotion’? The term promotion covers a wide range of marketing and advertising. It includes websites, sales brochures, adverts in a magazines or newspapers, direct mail flyers – basically, it is anything seen, heard or read by customers that’s designed to influence or encourage them to reach a purchasing decision. You can’t rely […]
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 […]