The Financial Conduct Authority has now regulated Consumer credit for four years. Firms requiring FCA approval for consumer credit have a variety of primary purposes: many sell goods on credit, some are voluntary institutions who help manage debt, and others allow people to pay in instalments for fees (e.g. private schools.) Then there are credit brokers, payday lenders and pawn brokers – and this list is not exhaustive.
Some firms have found the jargon difficult and are left with questions: What do the FCA mean by treating customers fairly? Does a firm need limited or full credit permissions? Who will take charge of compliance in the organisation? What role does a firm have in preventing financial crime? What training is needed for staff? How do you monitor vulnerable customers?
Consumer credit is a specialist sector. IFA Consultancy work with Compliance Control Consultancy who help motor traders, finance brokers and hire companies with their consumer credit compliance needs.
Julie Atkinson, director of CCC, is an FCA Compliance Consultant with over 16 years’ experience in Regulatory Compliance, Operational Risk and Financial Crime
Compliance Control Consultancy can be contacted direct by following the link that takes you to their web site.
There are many specifics relating to consumer credit that CCC could help with, such as financial promotions (advertising and social media.) There are also the policies and procedures that are required as a regulated firm and the keeping up to date with those rules as the FCA make changes.
If you are looking to be authorised for the first time CCC will discuss with you what is required and how to apply – they can guide you through the process.