another day, another snippet.......

The Financial Conduct Authority has confirmed that HM government has decided to initiate a rebate to CCL holders to reflect the ending of the OFT’s oversight on 31 March 2014.

The Financial Conduct Authority will be issuing further guidance on this in the Autumn.

The FCA will charge Sole Traders £150 and most other Firms will have to pay £350.  Those Firms that Register before the 30^th November will be entitled to a 30% discount for the interim license.

Firms therefore are advised to review their current license requirements and make preparations for to apply for an interim license that will run until October 2014.

http://www.compliantsolutions.co.uk/fca-consumer-credit.php

More about Consumer Credit and the move to the FCA

Some 80,000 licence holders would have received a joint communication from the FCA / OFT. 

From September 2013 Forms will be able to apply for Interim permission as part of the new Consumer Credit regulation regime.

Despite Firms having already paid for an "indefinate licence" most licence holders will be required to pay an additional fee to the FCA.

The FCA are advising all OFT Licence holders to review / update their existing licences in order to facilitate a smoother migration. 

So what happens next? 

From the beginning of September Firms should be able to register for "interim permission" - the FCA will be contacting all existing licence holders to let them know how they can register and the steps to be taken.

By the end of September the FCA will have published a further Consultation Paper setting out more detailed rules and proposals. 

Between October and next March the FCA will be hosting a program of free workshops around the country to go through and explain the new changes.

By March next year "Final" rules should be published - giving Firms a month to prepare prior to the FCA officially taking over responsibility. 

After 1st April 2014 all Firms will need to complete a more detailed application process for FCA Authorisation and the FCA have confirmed that this will be a phased approach over a 2 year timescale.

Existing FCA Authorised Firms will have to apply to undertake a VoP to extend their existing permissions to cover consumer credit. 

Should you want to discuss your application or need assistance contact us :

tel - 01376 514166

e   - info@compliantsolutions.co.uk

and follow us on twitter - @compliant and @FCAcompliance