The Financial Conduct Authority (FCA) will take over the regulation of consumer credit from the Office of Fair Trading (OFT) on 1 April 2014.
Why are we issuing this Policy Statement (PS)?
This policy statement sets out the fees that we will charge firms that register with us for ‘interim permission’ and which firms will not have to pay these fees.
This follows the recent legislativechanges made by Parliament that enables the transfer of the OFT responsibilities to the FCA.
This paper does not give the full details of our proposed consumer credit regime. We will do that in a consultation paper later on in the year.
Who is this PS aimed at?
This paper will interest:
- firms that currently hold individual or group consumer credit licences issued by the OFT under the Consumer Credit Act 1974
- credit unions
- trade bodies representing consumer credit firms
- bodies providing non-commercial debt advice (whether alone or together with non-commercial debt adjusting and non-commercial credit information services)
- local authorities.
- PS13/7 FCA regime for consumer credit: interim permission fees
Response to Question 25 in the FSA consultation CP13/7 and made rules
What are the next steps?
Our consultation paper later in the year will set out our full proposed approach and will interest consumers and consumer bodies.
Want to find out more?
- FSA CP13/7 - Consumer credit regulation - our proposed regime
- PS13/8 - FCA regime for consumer credit: carrying across some Consumer Credit Act secondary legislation into FCA rules - Including made rules
- Visit the Consumer credit web pages