The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For the latest developments in relation to consumer credit, see the Consumer credit—timeline.
On 1 April 2014, the Financial Conduct Authority (FCA) assumed responsibility for consumer credit regulation from the Office of Fair Trading (OFT) (which ceased to exist). The FCA became the conduct supervisor for all regulated firms across the consumer credit sector, including (but not limited to), consumer lending, credit card issuers, debt management, credit brokerage, credit referencing, hire purchase firms, banks, financial advisers, pawnbrokers, mail order companies, debt collectors and payday loan lenders. The change in the regulator resulted in all firms previously licensed by the OFT, entering into a regulatory regime through which they were required to become authorised by the FCA or, if they were already authorised by the FCA, to vary their permission to cover the consumer credit related activities that they performed. OFT licenses lapsed, and all firms were required to obtain authorisation either by: (i) following the correct 'interim registration' procedure and becoming temporarily authorised by the
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234