The Financial Conduct Authority (‘the FCA’) has stated that anyone who currently has an Office of Fair Trading (‘OFT’) licence and wants to continue carrying out consumer credit activities after 1 April 2014 must register for interim permission. This is the first step towards a much more highly regulated regime where all consumer credit firms will have to be authorised by the FCA. In order to apply for interim permission you need to register with the FCA and pay a fee (see link above). For most firms the fee will be £350, but for sole traders the fee will only be £150. The interim permission will cover you until you need to apply for full authorisation. An application for interim permission should be done as soon as possible because if you have not registered by 31 March 2014, you will not be legally able to continue with consumer credit related activities. If you would like any further information on this or any assistance with applying for interim permission please contact Toby Stroh, Partner or Antony Cotton, Senior Associate in Druces LLP’s Corporate and Commercial team.
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