The number of firms regulated by the Financial Conduct Authority (FCA) is set to soar next year after the regulator assumes responsibility for supervising consumer credit activities.
The FCA received applications from 31,139 consumer credit firms for interim permission before its November deadline for the early bird discount. The regulator currently supervises a total of 27,000 firms, putting it on course to double its supervision efforts, once it starts regulating the new applicants. Advisers mainly need consumer credit permissions for giving mortgage advice, debt counselling or credit broking services. However, they may also need the extra permission when charging their fees in installments over a period of time, as they may be entering a 'credit agreement'. ...
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