keyboard_arrow_up

Scott Robert Provides Assistance with Consumer Credit Regulation

Consumer credit firms have recently experienced a major change, as they are now subject to the stricter regulatory regime of the Financial Conduct Authority (FCA). Manchester-based compliance consultancy Scott Robert has many years of experience assisting consumer credit firms with their regulatory obligations. The organisation is highly capable of assisting these firms in adapting to the new regime.

[MANCHESTER, July 9, 2014] - Scott Robert, one of the UK’s trusted compliance consultants, discusses what processes are involved during the application and how they can help firms manage the required documents.

 

Application for Authorisation

 

First, a credit firm needs to obtain authorisation from the FCA. Firms previously licensed by the former credit regulator, the Office of Fair Trading (OFT), may still be trading under the FCA’s interim permission regime, but these firms need to act quickly to upgrade their authorisation. For some firms, their interim permission will lapse as early as December 31 2014.

 

For firms new to the credit industry, a new authorisation application needs to be made. But, whether the firm is new to the credit market or not, they will need to supply a great deal of financial and non-financial information with their application. Here, the assistance of a professional compliance consultant can be invaluable.

 

Assistance during the Process

 

Scott Robert can assist at every stage of the application process, helping firms to understand what information needs to be provided, and helping with any queries the FCA might raise during the process.

 

Once authorised, firms need to comply with the FCA’s principles and detailed rules. These rules include a number of new requirements that were not part of the OFT’s guidance. Scott Robert can help firms to understand their obligations: what procedures and practices need to be followed, what documentation needs to be in place and how to apply the rulebook in practice. It can also conduct comprehensive audits of firms’ compliance arrangements.

 

The FCA has the power to issue fines and warnings to firms and individuals, to ban individuals from working in financial services and to withdraw a firm’s authorisation to trade. Therefore, firms cannot afford to be ignorant of their regulatory obligations.

 

About Scott Robert

 

Scott Robert is a market-leading compliance consultant offering professional services to a growing number of clients across the UK. It offers solutions to a range of regulatory problems, and its areas of specialisation include FCA compliance, FCA authorisation applications, FCA compliance training, Trading Standards compliance and MoJ Compliance for claims managers. Scott Robert’s team of industry professionals, ex-regulators and legal experts offers exceptional service that meets client requirements and demands.

 

For more information, visit their website at http://www.scottrobert.co.uk/fsa-consults-on-fca-consumer-credit-regulation/.