Details announced for full CCL application process
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The FCA have released further details for the Consumer Credit Licence appliation process.
If you have interim permission to carry out consumer credit activities, the FCA will shortly write to tell you when you have to apply for authorisation, as each firm has an allocated application period.
If you have not received this letter by 15 May 2014, please email application.period@fca.org.uk with your OFT licence number (if applicable) in the subject line.
The application period direction to firms (pdf) sets out how the application periods work and has other useful information. You can use it to check when to apply for authorisation - you will need to provide details of the type of consumer credit business you will carry out and your postcode.
The authorisation application periods will last for three months and run from 1 October 2014 to 31 March 2016, with firms in the credit markets causing most consumer harm - high-cost short term credit lenders, logbook lenders and debt management firms - to apply for authorisation first.
If you do not apply for authorisation within your allocated application period your interim permission will lapse and you will not be able to legally continue carrying out consumer credit activities.
If you apply before your allocated application period the FCA will not process your application and you will have to re-submit it when your application period begins.
Whether you are applying for authorisation in the coming months or further in the future, you should start to prepare your application now as it may take you some time to gather the information needed.