WARNING – Only 31 Days Left to Get Your Interim Permission

You have until 31 March 2014 to register for interim permission.

Key points about the interim permission regime for firms

  • If you do not register for an interim permission you must stop carrying out regulated consumer credit activities after 31 March 2014. If you do not, you may be committing a criminal offence and you could face enforcement action.
  • If you are already authorised by the FCA or PRA you will not automatically be given an interim permission; you still need to register for an interim variation of permission if you wish to continue to carry on regulated consumer credit activities.
  • You must pay the required fee when you register, unless you are exempt.
  • Your consumer credit licence must still be valid on 31 March 2014 for you to qualify for an interim permission.
  • If you want to carry out additional consumer credit activities during the interim permission period you will need to apply for full authorisation before you start those activities and you will need to apply for all of your activities including those to which the interim permission applies (excluding second-charge lending).
  • From 1 April 2014 you will need to make the standard status disclosure on your letters to customer and electronic equivalents required of all FCA firms (save for disclosing that you have interim permission).
  • You need to be fully authorised before you appoint an appointed representative.

Don’t delay – take action now!

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