Most Frequently asked questions:
Why are there different application periods?
This is so that the FCA can manage the considerable number of applications in an efficient and timely manner.
Why have I been given a particular application period?
Application periods have been allocated based on the different classes and risks attached to each application.
When is the first ‘landing slot’?
The first landing slot for consumer credit firms opened on 1st October. Firms with an application period 1st October 2014 until 31st December 2014 can now submit their applications.
What will I need to provide when submitting my application?
The application process is complicated and lengthy. The limited permissions application does not require you to attach any documentation upon submission. However it requires that you have the following available for inspection:
- Financial information to prove your business is solvent
- Financial Crime Policy
- Business Risks and Mitigation Plans
- Treating Customers Fairly Policy
- Complaints Handling Procedure
- Compliance Manual
- Compliance Monitoring Programme
- Regulatory Business Plan
- Organisational Chart
How do I submit my application?
You can submit your application by registering for the Connect System on the FCA official website. Once registered you will be able to complete the application form and submit it to the FCA.
How much is the application fee?
The authorisation fee will depend upon the income you receive from regulated finance activity. Once you complete and submit your application, Connect will automatically calculate and advise you of the fee payable. Payment will be required upon submission.
How long until I receive a decision on my application?
The process can take between 6 and 12 months.
What is a controlled function?
There are twelve controlled functions that apply to consumer credit firms depending upon their business and legal status. Controlled functions need to be carried out by approved persons who are closely involved in the management of the business. If you are applying for limited permission you will normally only need to appoint one person. A form should be completed for each approved person and the FCA will consider and decide whether appointment is appropriate.
What happens if I don’t apply?
If you do not want to apply for authorisation then you should advise the FCA via email email@example.com and you should include your OFT licence number in the subject line of the email.
If you do not apply within the designated landing slot your interim permission will automatically lapse. You will then no longer be able to conduct consumer credit activities for which authorisation would be required. Please note that carrying on regulated consumer credit activities in the absence of the appropriate permission could be a criminal offence.
Is applying similar to registering for interim permission?
Unfortunately not. Interim permission is a transitional arrangement for OFT licence holders and registration involved no detailed checks. You will be expected to meet basic standards and the application stage is far more complex.
Talk to Eurodrive…. If you need help and advice with the process
Talk to Eurodrive…. If it all becomes too much!