Sector Focus: Consumer Credit
Consumer Credit regulation encompasses credit broking, lending, hire and debt management across markets as diverse as vehicle sales, dentistry, training and renewable energy. Our dedicated Consumer Credit Practice is led by Iain Stephen. Find out more about Iain CLICK HERE
Since April 2014, firms involved in Consumer Credit have had to make the transition from the lighter-touch regime of the OFT to the more rigorous regulatory approach of the FCA.
At the heart of the FCA's Consumer Credit regulations are a variety of prescriptive conduct standards. The policies and procedures you need to have in place should document how your business will manage its compliance with all the applicable regulations. There are a variety of things you need to do throughout each year to follow your procedures, check that you're operating compliantly and evidencing that you're doing so.
When completing your firms FCA application there are a number of areas to complete as well as the application form itself, these include a business plan, a compliance monitoring program, control/shareholding documention and ensuring the relevant controlled functions have been applied for. If these requirements are not correctly prepared this can lead to your applications taking up to 12 months or being rejected.
Using our application process developed by former Senior Case Officers from the FCA's Authorisations Team, Compliancy Services has been successful in achieving authorisation for hundreds of clients of all sizes from a range of sectors.
Our approach is that compliance should be an enabler rather than a blocker to business, we always seek to assist clients to find a compliant way to achieve their aims. Compliancy Services helps Consumer Credit firms with their:
On-going compliance management
Financial promotion reviews
Changes in control
Variation of permissions
Enquire About Our Compliance Consultancy Services
If you'd like to discuss your specific situation and how we may be able to help, please provide your contact details using the form below and a member of our team will get in touch. Or alternatively call us on 020 7060 4499