We reported earlier this year on the impending changes to legislation brought about by the transfer of consumer credit regulation from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) planned for April 2014.
This will signal the start of a very different regime with far greater supervision and enforcement powers. From April 2014 all dealers wishing to retain their credit licence will need to be authorised by the FCA.
Between now and April you will need to keep your OFT licence current and register for interim permission to carry out consumer credit activities after April 1, 2014.
Yes. You guessed it. There are fees involved – £350 for most applicants and £150 for sole traders. However, apply before the end of November and get a considerable 30% saving.