Letters / emails are currently heading out to firms from the FCA setting out the date window during which you will need to apply for full permission to undertake Consumer Credit activity. Of course at the present time, you should have interim permission if you applied for it prior to 31st March ( and if you didn't you don't actually have permission to carry out any regulated consumer credit activity)
The window is I believe about three months and in your letter the FCA will tell you that if you don't apply in that window you will lose your permissions. So it is important.
This blog is simply to pre-warn you of the fact of this action and if you have already received it to reassure you.
Firstly you cannot apply before your window opens and you must apply before it closes so make sure that you diarise this action because it may well be business critical.
Secondly, there is presumably a cost to this but at the present time I have no idea what this might be.
Thirdly, I have to confess a slight confusion myself on the simple basis that as mortgage brokers, unless you undertake secured and unsecured loans as well as mortgages, you are not using a great deal of the Consumer Credit Act. I therefore fail to see why a simple extension to permission as you have already applied for would not suffice for full permission. So I guess that we will just have to wait and see what information comes in next.
However, don't miss the dates... you should have been warned.
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