On 29 June 2015, the FCA published an Authorisations Data Bulletin supplement focusing on consumer credit applications. The supplement aims to provide insight into the FCA’s progress in reviewing the applications of nearly 50,000 firms that registered for interim permission following the transfer of the regulation of consumer credit from the Office of Fair Trading to the FCA.
The supplement includes the following key figures as at 31 March 2015:
- The majority of firms authorised so far are operating as limited permission credit brokers.
- 3,989 new to market firms had been authorised.
- 77% of eligible firms in closed application periods had applied or become an appointed representative of another firm.
- 19,533 firms had applied (12,641 in application periods and 6,122 new to market) or were grandfathered (770 firms).
For the full supplement please click here.