The Association of Professional Financial Advisers (APFA) has called for clear guidance from the Financial Conduct Authority (FCA) on what it considers to be consumer credit activity and for which activities advisers need to have a licence.
In its response to the FCA consultation on the proposals for its consumer credit regime, APFA called for the FCA to outline the 'perimeter' so that firms can decide whether a licence is needed. APFA said it had asked FCA a number of questions around the definitions of consumer credit activity but was "yet to get a response". APFA said: "There is uncertainty in the intermediary sector about the need for a consumer credit licence (CCL) at all for the usual activities carried out by financial advisers. "The Office of Fair Trading (OFT) guidance is far from clear with the result that s...
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