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 of applications for authorisation over the next two years, and they have given firms set application periods or ‘landing slots’ to complete the online process. If you have interim permission then you should also received a letter stating when you need to apply for authorisation. The FCA will also send you reminder just before your application period starts.
New information about the application process has been published on the FCA website.
Helping you get ready for authorisation
The FCA has published advice and support to help firms prepare for authorisation, this includes a checklist on getting ready for applying for authorisation along with a video tutorial on how to complete the online application form. You can also watch the FCA’s webinar on authorisation.
Here at CCS we will also be supporting clients, and if you need any guidance on completing your application form or creating your Regulatory Business Plan, a mandatory requirement of the application process, then please contact Colin Macpherson on 0845 120 6666.
Finally, you can also watch the FCA’s webinar on how it supervises firms and download a copy of its Guide for consumer credit firms.