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Compound Growth

Consumer Credit Firms: Applying For FCA Authorisation

15th June 2016

Regulated Consumer Credit Activities:

Firms that would like to offer consumer credit will need to apply for authorisation from the Financial Conduct Authority (FCA).

Dependent upon the consumer credit related activities you wish to undertake, this will invariably require either a limited or full permission application to be submitted to the FCA along with the required FCA application fee.

Before making an application, you will need to determine if any of the activities you wish to undertake are regulated. And if they are, then permission must be sought using the appropriate consumer credit application and submitted for the FCA Authorisation process. Completing the wrong application or applying for the wrong permissions can significantly delay your application with the FCA.

Consumer Credit Applications:

In the majority of instances, Consumer Credit applications are completed and submitted to the regulator using the FCA’s online Connect system for applications and notifications.

We have outlined a high level summary of limited permission and full permission activities below. However, if you are unsure of the specific permissions required for your proposed business activities or would like assistance in completing and submitting an application via the FCA Connect system, please contact our regulatory specialists, who will be happy to assist.

 >> See also FCA Application Support & Assistance Services <<

Limited Permission Consumer Credit Activities:

The following consumer credit activities are all regulated activities that require Limited Permission from the UK Regulator in order to undertake. Thus, in these instances, an application for Limited Permission should be submitted to the FCA.

Full Permission Consumer Credit Activities:

If however, you plan on undertaking any of the following activities, then you will need to apply for Full Permission when submitting your Consumer Credit Application to the FCA.

Summary Limited Permission vs Full Permission:

The two categories of authorisation for consumer credit businesses will be treated proportionately differently by the regulator:

Consumer credit firms with full permission will be subjected to a greater number of checks and have to meet more conditions when making their FCA applications. Once authorised, this will continue to be the case.

However, Consumer Credit firms with limited permission should present less risk to their customers. Thus these firms will have a proportionately reduced regulatory regime applied to them which includes having a shorter application process as well as lower application and annual fees than full permission. Once authorised they will also have reduced reporting requirements in comparison to those with full permission.

Consumer Credit and Financial Services Activities (non-consumer credit)

If you are looking to undertake both consumer credit activities and financial services activities (that are non-consumer credit), then a different application will have to be completed for the FCA.

In these instances, both an Application for financial services and a supplementary Consumer credit application form will have to be completed and submitted.

Help with Consumer Credit FCA Applications:

If would like assistance in completing and submitting an application via the FCA Connect system, please contact our regulatory specialists, who will be happy to assist.

Related Reading:

News & ViewsNews & Views

Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.

Compliance Support from Compound Growth Ltd

Please contact our Compliance Support Team for a free no obligation discussion about your requirements if you’d like to discuss how our regulatory & compliance consultants can help your business move forward compliantly.

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Call by Telephone:

(020) 3813 2890

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Call by Telephone:

(020) 3813 2890

FCA Application Support: Getting Authorised

Compound Growth helps its clients to apply for FCA authorisation. If your firm is seeking to apply for authorisation by the FCA, then get in touch with our helpful and friendly compliance team to discuss your requirements.

We will work closely with you to ensure that your application has the best chance of success.

For more information on Getting Authorised or if you are considering applying to the FCA and would like to discuss your FCA Application with us please feel free to contact us.

The FCA on Consumer Credit Applications:

“A firm or business that wants to carry on regulated consumer credit activities will have to apply for authorisation.”

FCA ,June 2016