Some 85% of consumer credit firms have registered for interim permission with the FCA, the regulators latest figures reveal.
With five weeks left to register 43,751 firms, of an estimated 51,528 in the consumer credit space, have now registered for interim.
Interim permission allows a firm to continue to offer consumer credit services, for example personal loans, car finance and retail credit, until it is invited by the FCA to apply for full authorisation, or it needs to make a change to the type of activity it undertake.
The changes aim to put consumers at the heart of credit services and give them greater protection by applying increased regulatory focus and resource to a wide range of businesses
Any firm with an Office of Fair Trading Consumer Credit Licence that plans to continue providing credit to customers after 31 March 2014 must take action and register for ‘interim permission’ before 1 April.