Press office

News and views on the home credit industry from the CCA and its members

News for Members

25 July 2016

Consumer Credit Update from the FCA

Our members may be interested to know about some new resources which are now available from the FCA.

Website Launch

Firstly the FCA's new website, www.fca.org.uk went live in June.  The redesigned site aims to offer an improved experience, presenting information in a clearer, more structured manner and working equally well on desktop PC, tablet or mobile.  The site also includes five new sections:

  • Homepage
  • About Us
  • Firms
  • Markets
  • Consumers

 

A dedicated Consumer Credit section includes a range of sector specific resources which our members may find useful too. 

Authorisations Update

Also the FCA's latest Consumer Credit Bulletin has now been released and includes an update on the authorisations process as at 31st March 2016.  Here's a quick overview of some of the headline figures:

Size & Nature of the Market:

Of the 33,853 consumer credit firms, 30,309 had been authorised and 3,544 had an interim permission.

Applications:

36,582 firms had applied for authorisation and 23,829 firms with interim permission had lapsed or cancelled. Overall, 66% of eligible firms in application periods applied (including 6,241 firms that had become appointed representatives and 527 firms that reapplied after lapsing/cancelling).

Determinations:

Determinations are applications that can be approved or refused by the FCA or withdrawn by the firm.

87% of firms had their cases determined by the end of March (32,753 firms).

96% of determinations resulted in a firm being authorised (31,006 firms).  This included 8,776 new-to-market firms and 780 grandfathered firms.

1,694 firms withdrew their application and a further 53 firms were refused.  Permissions for 697 firms have been cancelled since authorisation including 37 firms that were grandfathered.

On average, for cases determined between January and March 2016 it took nine weeks for the FCA to determine a limited permission case, 11 weeks for a variation of permission and 33 weeks for a full permission case.  Since April 2014, 99.7% of cases were determined within their statutory deadline (118 cases breached).

For full details on the key figures together with a flow chart which shows the number of firms at each stage of the process, check out pages 4 and 5 of Issue 6 of the FCA's Data Bulletin.

CCA News

CCA News - January 2015 cover

Our quarterly magazine, CCA News, keeps our members up to date with all the latest news and issues affecting the home credit industry.

Download CCA News