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News for Members

13 March 2015

Top Tips for Successful FCA Authorisation Applications

As you are aware, all firms need to be authorised by the FCA (or have interim permission) to offer consumer credit, including Home Credit lenders.  The Authorisation process can be daunting but the CCA, working in partnership with the FCA, has compiled a list of considerations and tips in an effort to ensure that our members' Authorisation Applications achieve successful outcomes.

Common Errors:

  • Issues with incorrect permissions and trading names
  • Incomplete applications  eg. missing information or documents such as the regulatory business plan
  • Rushed applications due to insufficient allocation of time
  • Missing the deadline for submission


Tips for Success:

  • Start preparing well ahead of your three month application period and allocate enough time in order to ensure that your application is complete and of a suitable standard - it's never too soon to prepare
  • If any supplementary questions are raised following application, reply promptly and thoroughly
  • Avoid 'padding' and provide answers which only directly relate to the question asked
  • Make it as easy as possible for the case officer to find pertinent information ie. strip out any relevant information from larger documents and embed in a separate document 
  • Keep any regulatory information, eg.  business plans, short and to the point where possible 
  • Avoid including lengthy supporting documentation eg. policy documents 


Missed Deadlines:

If you do not submit your application before the deadline you will not be able to continue to offer consumer credit lending.  In this case, not only will you be prohibited from granting any further loans but you will also not have the right to collect further payments from customers in respect to loans already granted.The CCA would also like to remind you to notify the FCA if you intend to cease regulated activity or make a significant change to the nature of your business.  In the event that you are to cease activity, you need to cancel your IP via the FCA's Cancellations Inbox:

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CCA News - January 2015 cover

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