The FCA has published its April 2016 Data Bulletin Supplement on consumer credit authorisations, providing key figures on authorisations, as at 31 December 2015, including:
Data on size and nature of the market: Out of 37,336 consumer credit firms (excluding appointed representatives), 25,220 were authorised and a further 12,116 had an interim permission. The majority of firms authorised were granted permission to carry out credit broking.
Data on applications: 32,070 firms had applied for authorisation. 68% of eligible firms in closed application periods applied, including 5,768 firms that had become appointed representatives and 389 firms that reapplied after lapsing/cancelling.
Data on determinations: Determinations are applications which can be approved or refused by the FCA, or withdrawn by the firm. 95% of determinations resulted in a firm being authorised (25,645 firms). 40 firms were refused. On average, for cases determined between October and December 2015 it took eight weeks for the FCA to determine a limited permission case, 12 weeks for a variation of permission and 27 weeks for a full permission case.
The next issue of the Data Bulletin will include data up to the end of March.