Broker members may see their registration with the FCA change due to a review of how consumer credit legislation is interpreted.
The Financial Conduct Authority (FCA) has reviewed its interpretation of the consumer credit legislation for Limited Permission secondary credit brokers. This may impact leasing broker members whose main business activity is the supply of non-financial services but have previously been registered with the FCA as a Full Permission credit broker.
The application of this legislation will depend on what activities firms undertake. Firms can check their eligibility using the FCA’s checker tool. If, because of the review, firms find themselves eligible to change, then they may be entitled to a refund of past fees.
Members can use the checker tool on the FCA website: Our approach to secondary credit brokers that supply a non-financial service. The online tool is embedded into the page starting with the question ‘Are you currently authorised as a Limited Permission firm?’.
