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FSA to authorise credit firms from 2013
Consumer credit firms must apply for interim permission to trade from their new regulator from the fourth quarter of this year, the Financial Services Authority (FSA) has warned. Regulation of consumer credit transfers from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA), which replaces the FSA in April 2014, if the current timetable is followed. But the FSA’s head of consumer credit, Will Amos, said firms must start applying for interim permission to trade as early as the fourth quarter of 2013. New regulatory fees are not yet confirmed but Amos said sole traders would face a charge of around £150, while larger firms would pay around £300 for interim permission. Speaking at Credit Today’s annual Credit Summit in London, he said: “We are looking to start that around Q4 2013, so there is ample time for firms to get permission. “We will take action against firms which do not comply with interim permission. It is our intention that firms then apply for full authorisation by April 2016.”.....Read more hereYou must be logged in to post a comment.
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