Network and support services operator Tenet has warned that most advisers will fall into the remit of the consumer credit licence, meaning they will need to obtain one before the Financial Conduct Authority (FCA) takes over regulation of the market in April.
Tenet said it believed most advisory firms will carry out some kind of regulated activity that requires a consumer credit license from time to time and will therefore need the relevant license under the FCA.
"Given the potential adverse consequences of not being correctly authorised Tenet believes many firms will decide that payment of an additional fee (c£200) is worth contemplating for peace of mind."
It will then offer its network members the opportunity to extend their appointed representative agreements to provide ancillary credit mediation work.
It is still unclear for amny advisers whether or not they require a consumer credit licence.
In December the Association of Professional Financial Advisers called for clear guidance from the FCA on what it considers to be consumer credit activity and for which activities advisers need to have a licence.
APFA also welcomed the FCA's announcement last December that it will factor in the size of firms' turnover when calculating the cost of the licence - making it cheaper for small firms to obtain one.
The FCA said firms must apply for interim permission before 31st March 2014 or stop any credit mediation activity.
The FCA is taking over regulation of the consumer credit market from the Office of Fair Trading on 1 April.
Alzheimer’s is the most common cause of dementia
Total of 72 accredited firms
23% fall since Q1
Achievements, charity work and other happy snippets
Including advice firm Chadkirk WM