Are you involved in Consumer Credit? Would you like to know how upcoming regulatory changes will impact your business? Ian Norman, Partner & Consumer Credit expert at Lightfoots LLP, explains the essential facts for your business.
The regulation of small and medium sized Consumer Credit Businesses currently regulated by the Office of Fair Trading (OFT) is about to change significantly. A move to more pro-active handbook style regulation will seem like a daunting prospect in such challenging economic times. It does not have to be so daunting, as in the coming weeks and months, I will navigate you through the changes. Over the next six weeks I will begin with an analysis of the key changes the Government will introduce to the industry.
On 6 March 2013 the Financial Services Authority (FSA), which on 1 April 2013 will become the Financial Conduct Authority (FCA), released its consultation document on its proposed new regulatory regime for consumer credit.
The ambitious plans will see responsibility for licensing, regulation, supervision and enforcement for consumer credit transfer from the OFT to the FCA on 1 April 2014. In time, firms currently licensed by the OFT will need to apply for a new licence from the FCA and so the changes will affect every firm currently licensed by the OFT that wishes to continue undertaking regulated activities after 1 April 2014.
Over the next six weeks I will guide you through the road map that is emerging from government and the steps that need to be taken by all types of business involved in the consumer credit industry. Here’s your chance to discover the future of our industry as it emerges and equip yourself to respond to the consultation by the deadline of 1 May 2013:
- 19 March: The Proposed FCA Framework: An Overview
- 26 March: The Timetable to Implementation and Transitional Provisions
- 2 April: The Interim Permission Regime
- 9 April: The Requirements for Authorisation by the FCA
- 11 April: The Appointed Representatives Regime
- 18 April: The Principles of Business
- 23 April: The FCA: Proposed Approach to Supervision
- 25 April: The FCA: Proposed Approach to Enforcement
Step by step
To help make sense of the detail, over the next six weeks I will tackle the emerging regulation one step at a time.
We hope you will find our step by step analysis invaluable and would welcome any views you may have. There is time to make your voice heard and raise any concerns that you may have, before 1 May 2013.
At Lightfoots, we stand shoulder to shoulder with those in the industry and are here to help. We would be delighted to assist you in making any submissions to the FSA in response to its consultation. Please get in touch; I look forward to hearing from you.