Consumer credit regulation is changing
The regulation of consumer credit will transfer from the OFT to the Financial Conduct Authority (FCA) on 1 April 2014. This is part of the Government’s programme of regulatory changes for financial services.
That means you will need to register with the FCA if you are a consumer credit licence holder for ‘interim permission’. You have until 31 March 2014 to register for this ‘interim permission’ otherwise you will not be able to carry on regulated consumer credit activities from 1 April 2014.
To find out more, visit the Office of Fair Trading website.