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Getting FCA authorised

Getting FCA authorised. Our approach. The journey for your firm. Step 1. When to apply. The difference between a permission and the consumer credit licence (CCL). There’s no longer a licence, and no longer categories A, B, C etc

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Getting FCA authorised

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  1. Getting FCA authorised

  2. Our approach

  3. The journey for your firm

  4. Step 1 When to apply

  5. The difference between a permission and the consumer credit licence (CCL) • There’s no longer a licence, and no longer categories A, B, C etc • The authorisation application is a fresh start and is unrelated to the CCL • Firms apply for ‘Part 4A permission’: and have to choose full or limited permission • Firms choice is based on the regulated activities they carry out (i.e. the type of business): • Some activities mean firms have to choose ‘full permission’ • Some activities will allow firms to qualify for ‘limited permission’

  6. Step 2: Decide the level of permission

  7. How to decide the permission level

  8. Step 3: Prepare the application • Firms will need to give us detailed information about their business • Firms may need to prepare their supporting information now even if they plan to apply in several months’ time • Firms should review our website to see what we will ask them to include, then start collating the information now

  9. Examples of what we will ask for • Basic information about the firm • How the firm is set up, who works there • Who owns or influences the business (controllers) • How firms make their money (business plan) • How firms make sure their business keeps to our rules (compliance monitoring) • Financial information • The firm’s history and any ‘significant events’ we should know about

  10. Approved persons • Our approach is to ensure senior management responsibility • Having ‘approved persons’ is a key way to achieve this • Senior individuals in the firm will need to apply to be the approved person, and prove they are fit and proper • We will hold the person accountable

  11. Step 4: Apply • Most firms apply using our Connect online system • We have help text within Connect and guidance forms you can download on our website • You may need to send in a paper form if you are already regulated by us for other things

  12. How much it costs to apply • Firms will need to pay an application fee when they apply • The fee will be a calculation based on how complex we think the application is and the consumer credit income • We have put all firms into different complexity categories based on what they do: • Limited permission • Straightforward: eg credit broker • Moderately complex: eg, lender • Complex: eg debt management company

  13. Application fee breakdown

  14. Changing firm’s details during interim permission Firms details should be kept up to date through our consumer credit interim permission website: search “CCI” on fca.org.uk

  15. Ensuring a level-playing field All authorised firms will appear on our register Our enforcement team will seek out firms that carry on credit business without permission

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