From April 2014, the Financial Conduct Authority (FCA) will take over regulating consumer credit firms, currently regulated by the Office of Fair Trading.
The FCA has confirmed that firms will need to begin the process of transferring over from September 2013. Time is short for consumer credit firms to consider the impact of the transfer on their business models.
The risk map below shows action points firms should be considering in the areas of:
- Business structure - how will your business need to adapt to take account of FCA-style regulation?
- The authorisation process (including interim authorisation)
- Systems and controls changes
- Training topics for staff, approved persons and senior managers
The risk map is set out as a timeline, showing firms when they need to consider each action point in the lead up to the transfer to the FCA and beyond.