Our approach to secondary credit brokers that supply a non-financial service

Are you currently authorised as a Limited Permission firm?

Are you currently authorised as a Full Permission Credit Broker?

Does your current permission allow you to conduct any regulated activities other than consumer credit activities – for example, insurance distribution or mortgage broking?

Do you meet the definition of a domestic premises supplier?

This is when you sell, offer to sell or agree to sell any of your goods, or offer to supply any services or contracts to supply services, whilst physically present in a customer’s home.

Do you make introductions in respect of consumer hire or hire purchase agreements AND, as part of this, do you engage in debt adjusting and/or debt counselling activities?

Are you a ‘supplier’ of a service that is not a regulated financial activity?

Would you still be credit broking if you stopped supplying that non-financial service?

Does more than 50% of your overall revenue derive from your credit broking activity?

Based on your answers, your firm could potentially be impacted by our review. This means you may be eligible to vary your permission to become a Limited Permission credit broker.

If you want to apply to change your authorisation to Limited Permission, please submit a variation of permission (VoP) application through our Connect system.

Your application must explain:

• your business model, and whether it's changed since you first applied to us for authorisation
• why you believe your firm is broking credit in connection with the supply of services

If, after we've assessed it, your firm is entitled to move from Full Permission to Limited Permission Credit Broking, we'll let you know and issue a part refund where applicable.

Your firm won't be affected by our review. Only firms that currently have Full Permission authorisation are impacted by the changes.

Your firm isn't impacted by our review and your regulatory status won't be affected.

Your firm won't be affected by our review. Firms that carry out other regulated activities will still require Full Permission authorisation.

Your firm is unlikely to be impacted by our review because domestic premises suppliers usually require Full Permission Credit Broking permissions.

Your firm isn't impacted by our review because this combination of activities requires Full Permission authorisation.

Your firm isn't impacted by our review. Firms whose primary business is to carry on a regulated financial activity don't get authorised with Limited Permission – they must have Full Permission authorisation.

Your firm is unlikely to be impacted by our review because the credit broking appears to be independent to the supply of your services.

Your firm isn't impacted by our review. If your revenue from credit broking exceeds that of your unregulated business, we don't consider the credit broking to be ancillary. This means you can't be a Limited Permission firm.