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Friday, 14 February 2014

New OFT Guidance on Consumer Credit Licence Applications

The OFT has published guidance on how it proposes to handle consumer credit applications in the lead up to the handover of its consumer credit responsibilities to the FCA on 1 April 2014. 

Basically, if the OFT can't process your application by 31 March, it will pass it to the FCA to process in accordance with the FCA's requirements. 

If the OFT does grant your licence before 31 March, you will need to apply to the FCA for interim permission to operate until such time as the FCA asks you to go through a full FCA authorisation process (which will be some time before 31 March 2016).

If you plan to apply for consumer credit authorisation on or after 1 April 2014, the FCA has some FAQs here.