IFAs make up fifth of firms with consumer credit permissions

Some 18% of almost 50,000 firms to be granted the licenses are financial advisers, the regulator's latest data bulletin states, while 10% are mortgage-related businesses and 6% insurance companies. The FCA has been responsible for regulating consumer credit in the UK since April last year. Advisers who already possessed a Consumer Credit Licence with the Office of Fair Trading, or those looking to offer consumer credit services for the first time, had until then to apply for interim authorisation. Each business with an interim licence must now apply for full authorisation before Ma...