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Consumer credit permissions for payment and fintech firms adding lending or credit broking to their products, with the policies the FCA requires and the compliance that follows.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money and cryptoasset firms.
Volkswagen
Consumer CreditObtained the Royal College of Music’s FCA consumer credit licence.
Consumer CreditObtained Macmillan Cancer Support’s FCA consumer credit licence.
We obtain FCA consumer credit permissions for payment, e-money and fintech firms adding lending or credit broking to their products, and for lenders and brokers entering the market, covering credit broking, lending, consumer hire, debt adjusting, debt counselling, debt collecting and credit information services. We have served consumer credit businesses since 2013, including charities and retailers that offer finance to their customers.
Each engagement starts with the permission the business needs, limited or full, and the fee and timing that follow from it. We then prepare the complete application, write every policy it requires, manage the FCA’s questions and build the compliance framework you run on after authorisation. For a requirement not listed here, speak to an expert.
The requirements set out, the application and every required policy prepared, and all communication with the FCA managed, to the shortest realistic timeline.
For businesses that want to offer finance to their customers: the permission required, what it entails and the application managed end to end.
From company incorporation to compliance and training, so you meet your licence and ongoing obligations from the first day.
Policies and procedures written for your business model, meeting CONC, the Consumer Duty and the FCA’s systems and controls standards.
Regular audits and assessments of the framework, with improvements identified and actions tracked to completion.
A risk management framework and internal controls aligned with the FCA’s guidance and recognised good practice.
Tailored training for directors and staff on compliance, risk management and regulatory change.
Changes to the rules tracked and explained, with their effect on the business and the actions they require.
| Deliverable | What it contains | Who relies on it |
|---|---|---|
| Permission assessment | The activities the business carries on, the permission each requires, the fee category and the timeline | Board, investors |
| Application pack | Business plan, forecasts, fair treatment of customers, systems and controls, compliance arrangements, individual and controller forms | FCA |
| Policy set | CONC, Consumer Duty, complaints, vulnerable customers, financial promotions, financial crime and record keeping, approved by the board | Staff, FCA, lenders |
| Compliance monitoring plan | The risk-based programme of checks, its schedule and the board reporting | Board, compliance |
| Training programme | Sessions for directors and staff, with attendance records | Staff, FCA |
It depends on the main business. A retailer, car dealer or other business that sells goods or non-financial services and introduces customers to finance usually needs limited permission. A business whose main activity is credit broking, which sells in the customer’s home, which lends, collects debts or gives debt advice needs full permission. We confirm the permission before the application starts.
£560 for limited permission. Full permission is £1,130, £5,640 or £11,260, set by the activity in the application with the highest pricing category under FEES 3 Annex 1. The fee no longer depends on projected consumer credit income.
The FCA has six months to decide a complete application. We plan for two to three months after submission for limited permission and three to four months for full permission, where the application is complete from the start.
Yes. We manage every communication with the FCA during the assessment, draft the responses and assemble the supporting evidence until the decision.
Yes. We design the compliance framework, run ongoing monitoring, train staff and keep you current with regulatory change, as a project or on retainer.
Yes. Authorised consumer credit firms come under the Senior Managers and Certification Regime. The senior management functions that apply depend on whether the firm is a limited scope or core firm, and we prepare each individual’s application alongside yours.
A reply within three business hours and a written proposal on scope, cost and timing the same day.