Navigating FCA Consumer Credit Regulations: A Guide for Compliance and Authorisation

This presentation provides an overview of the Financial Conduct Authority's (FCA) regulations on Consumer Credit, covering key changes and their impact on firms. It details the scope of FCA's Consumer Credit regime, emphasizing the importance of responsible lending and fair treatment of customers. The presentation also explains the differences between limited and full permissions for firms and outlines the steps for obtaining FCA authorisation. Lastly, it highlights the expertise and tailored solutions offered by MEMA Consultants to ensure successful compliance and ongoing regulatory support.

1. Introduction to FCA Consumer Credit
Regulations
Overview: The FCA took over the regulation of Consumer Credit firms
in April 2014, enforcing new rules to protect consumers.
Key Changes: Introduction of price caps, payday lending rules, and
restrictions on credit brokers.
Impact: By 2018, over £900 million in redress was given back to
customers.

2. FCA's Consumer Credit Regime
Scope: Covers a wide range of activities, from lending
to debt collection and advisory services.
Firm Expectations: All firms must lend responsibly and
treat customers fairly, with different rules based on
their permissions.
Debt Management: Enhanced regulations to improve
assistance for customers in arrears.

3. Understanding Limited vs. Full Permissions
Limited Permissions: For firms providing secondary services, such as
car dealers introducing customers to lenders.
Full Permissions: Required for firms whose primary service is
financial, like finding customers for loans.
Application Process: Limited permissions are simpler and quicker to
obtain.

4. FCA Authorisation Process
Fact-finding with a Regulatory Advisor.
Documentation support, including a Regulatory Business Plan and
Compliance Monitoring Plan.
Online application submission to the FCA.
Ongoing Compliance: Continuous support for maintaining compliance
and avoiding breaches.

5. Why Choose MEMA Consultants?
Experience: Supporting firms since 2019 with a blend of regulatory
expertise and industry insight.
Tailored Solutions: Customized compliance frameworks and strategic
guidance.
Client-Centric Approach: Dedicated advisors to ensure successful
FCA authorisation and long-term compliance.

6. CONTACT US
[email protected]
03301330811

Suite 1810, Unit 3a,34-35 Hatton Gardens, Holborn, EC1N 8DX
https://www.memaconsultants.com/

7. THANK YOU