Consumer Credit: On-going compliance obligations

  • Posted on: 17 February 2018

What on-going compliance obligations does my Consumer Credit business need to manage?

Whether your business has interim permission or is already authorised, it's committed to operating in a way that complies with the rules set by the FCA, the Consumer Credit Act (CCA) and other relevant legislation. At the heart of the FCA's Consumer Credit regulations are the conduct standards defined in their Consumer Credit Sourcebook (CONC) and the overall Principles for Businesses (PRIN).

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 evidence that you're doing so. The Compliance Select service is designed to help you manage all these on-going requirements and stay on top of your compliance obligations. Levels 2 and 3 also include a number of File Checks and Remote Compliance Audits.

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