The Association of Professional Financial Advisers (APFA) has praised a commitment by the Financial Conduct Authority (FCA) to refund some of the costs of existing consumer credit licences (CCLs) to holders before they expire in April.
Under the current system, firms obtain an indefinite CCL from the Office of Fair Trading (OFT) for an initial charge, plus an additional five-yearly maintenance fee. But the FCA, which takes over the regulation of consumer credit from the OFT in April, will introduce a new licence, rendering the originals invalid. However, the regulator requires firms to obtain an interim licence in the meantime, which would lead to additional cost to licence holders. It has now said there will be a "programme of rebates to [CCL] holders to reflect the closure of the OFT regime", which is "designed...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
