Interim permission - Financial Conduct Authority

Interim permission

Published: 05/11/2014
Consumer credit firms that held an OFT licence and want to continue to offer consumer credit had to register for interim permission. Find out more about interim permission.

A firm that held an Office of Fair Trading (OFT) licence and registered for interim permission can continue carrying out consumer credit activities.

Interim permission will last until a firm has to apply for authorisation or a variation of permission in its allocated application period, which will be between October 2014 and March 2016.

If a firm held an OFT licence and did not register for interim permission, it cannot legally continue carrying out consumer credit activities.

If you held an OFT licence but exited the market by 1 April 2014 you should tell us you have stopped consumer credit activities.

You can see our Consumer Credit Register of firms that have interim permission. This shows a firm’s basic details, licence categories and a contact for interim permission.

If you are a new consumer credit firm you can apply for authorisation. If you have interim permission you have to apply in your allocated application period.

Changes during interim permission

You need to tell us if there are any significant changes within a firm that has interim permission.

You can use the consumer credit interim system (CCI system) to amend basic details such as a firm name, address or telephone number. See our CCI system user guide (pdf) for further information.

To replace the interim permission contact at a firm the new contact firstly has to register on the CCI system. The current contact then has to login and select ‘Replace firm contact’, add the email address of the new contact and select the firm(s) to transfer. 

If the current contact has left the firm you will have to contact us.

You can also use the CCI system to reduce the scope of your permissions. However, you cannot add permissions to the scope of your interim permission - to do this you will have to apply for authorisation.

For other significant changes within your firm – as set out in the supervision guide in our Handbook – you will have to use the appropriate form annexed to Chapter 15 of the Supervision module of the Handbook.

You should include your OFT consumer credit licence number and FCA firm reference number on this form; email it to firm.queries@fca.org.uk or post it to Customer Contact Centre, 25 The North Colonnade, London, E14 5HS.

Appointed representatives

Firms with interim permission cannot use appointed representatives.

A firm that intends to operate as an appointed representative in the longer term has to make arrangements with an authorised firm to act as an appointed representative.

Once appointed as a representative the firm can cancel its interim permission by using the consumer credit interim system.

Cancel your interim permission

You can cancel your interim permission using the consumer credit interim system.

If you have interim permission but do not want to apply for authorisation or a variation of permission, email application.period@fca.org.uk to tell us, with your OFT licence number (if applicable) in the subject line.

If you do not apply for authorisation within your allocated application period your interim permission will lapse and you will not be able to legally carry out consumer credit activities.

You will need to take steps to ensure that all consumer credit activities that would require authorisation cease before the end of your application period. You will also have to make sure that your firm’s customers, and any client money held, are dealt with appropriately.

Further information

You can see our final rules for consumer credit firms and a guide to being regulated by us.