May 2014 – Financial Conduct Authority (FCA) Update
The handover from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) for Consumer Credit Licences is now underway . Now that the deadline for Interim Permission has passed, the task of registering for authorisation, where required, begins.
All businesses registered for Interim Permission should have received a letter from the FCA by the 1st of May, advising of a set application period, known as a landing slot. This is the window in which a registered business will be required to complete the application process for the new licence. If you have not been contacted by the FCA, but believe that you should have, the advice given is that you contact them directly after the 17th May 2014.
Once you have been given an application period, you may request an earlier or later slot should you need more or less time to prepare. In the meantime, you can find a more detailed guide provided by the FCA. The FCA will write to businesses again 3 months before their application period, as a reminder to start the preparation process.
For more information please visit the FCA website.