The FCA published issue 5 of its data bulletin on 3 February 2016. Items to note include:
- Consumer credit authorisations - The number of consumer credit firms (excluding representatives) remained static at 39,926. However, 71% of eligible firms applied for authorisation, which included 8,570 who were ‘new to market’. 95% of the determinations resulted in a firm being authorised with the FCA expecting the average time to determine applications to increase over time (due to the complexity of business models).
- Financial promotions - There were 22 consumer credit cases, which accounted for 65% of financial promotions investigations.
- Skilled person reports - In Q2, 13 Skilled Persons Reports were commissioned; of which 3 were in the consumer credit sector.