Published on : Thursday, March 20, 2014
The Financial Control Authority (FCA) takes over the regulation of consumer credit activities from 1st April 2014.
It means that all current OFT consumer credit licences – which includes those provided to retailers because they allow customers time to pay for goods – will expire at the end of March.
If a company wishes to carry on providing credit from 1st April, it must register (with a fee) for interim permission with the FCA by 31 March 2014, otherwise that company risks committing a criminal offence.
To help firms, the FCA has published a new guide for firms and is also running a number of regional events which you can sign up for – see Roadhows. This transfer of powers is a result of the closure of the Office of Fair Trading on March 31, 2014 with the result that its work and responsibilities pass to a number of other bodies.
Source: BFM
Tags: Financial Control Authority, Office of Fair Trading, OFT
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