Our services for consumer credit firms
Helping you offer finance
If you are seeking to offer finance to your customers, we can advise you on the type of consumer credit licence you require as well as the requirements. We can prepare and manage the FCA application on an end-to-end basis.y
How we will support you
We spend time understand your business, people, culture and business requirements.
We prepare and develop your application, working closely with you.
We submit your application and manage any additional information requested by the FCA, ensuring a smooth and successful outcome.
Sectors we serve
We work with start-ups to unicorns and offer bespoke support across licence authorisation, compliance and support across the UK and Europe.
We help retail, private and investment banks with authorisation applications, PRA & FCA compliance, financial crime and training.
If you sell products and services and wish to offer customer finance, then we can help you become FCA authorisation.
We provide comprehensive assistance to general insurers and Lloyd's of London brokers across compliance, training and authorisation.
From buy now pay later to traditional lending models, we advise you on operations, strategy, authorisation, and ongoing compliance requirements.
We work with start-ups to established firms in helping with Electronic Money Institution licence authorisation applications, compliance, training, policy and more.
We help clients on financial crime and licence authorisation across a number of countries.
We work with UK and European regulators and can help you become authorised to offer investment services as a regulated business.
Mortgage providers & brokers
We offer a range of services including compliance, training, and authorisation support, specifically tailored for mortgage providers and brokers.
We help open banking firms, including account information service and payment initiation service providers, across compliance, training, and authorisation.
FCA Consumer Credit broking Guide
At Buckingham Capital Consulting, we specialise in navigating the complex regulatory landscape surrounding the FCA's authorisation concerning the consumer credit licence. Our team of experts possess a strong understanding of the intricacies involved in obtaining and maintaining FCA authorisation concerning the consumer credit licence. We are adept at staying abreast of the latest regulatory developments and can provide with the expertise needed to obtain the consumer credit licence and ensure compliance.
Our FCA authorisation service service is designed to take the burden off your shoulders. We guide you through each step of the FCA's authorisation process, from initial application to ongoing compliance requirements. By leveraging our in-depth knowledge and experience, we streamline the process, saving you valuable time and resources. With Buckingham Capital Consulting as your trusted partner, you can focus on what you do best – running your business – while we handle the intricacies of FCA authorisation.
If you are considering offering or arranging finance, it is likely that you will require FCA authorisation for the consumer credit licence. Examples of businesses who need a consumer credit licence include lenders, credit brokers (where you refer finance applications to lenders), lenders, pawnbrokers, high-cost short-term (payday) and debt-related activities, such as debt collection and counselling.
Depending on your business activity, you will require either full permission or a limited permissions consumer credit licence.
Below, you will find the essential information about obtaining a consumer credit licence from the Financial Conduct Authority.
Our services for FCA consumer credit licence
Having helped firms since 2013, we pride ourselves on being experts in consumer credit, especially licencing and regulatory compliance. Our comprehensive range of services is specifically designed to assist businesses in obtaining and managing their licences efficiently, ensuring compliance with the FCA requirements.
FCA Authorisation - Consumer Credit Licence Application Support
Navigating the FCA's authorisation process for consumer credit firms can be overwhelming. Our team of seasoned professionals has a deep understanding of the FCA's requirements and can provide you with expert guidance throughout the application process. We assist with the preparation and submission of all necessary documentation, ensuring that your application is complete, accurate, and stands the best chance of approval.
Compliance Framework Development
Compliance is at the heart of the financial services industry, and maintaining a robust compliance framework is essential for consumer credit. We can work closely with your business to develop customised compliance frameworks tailored to your specific needs and business model. Our experts have extensive knowledge of FCA regulations, enabling us to design and implement compliance policies and procedures that meet regulatory standards and mitigate risks effectively.
Ongoing Compliance Monitoring
Regulatory compliance is not a one-time requirement but an ongoing commitment. Our team can provide comprehensive compliance monitoring services to ensure that your business remains in full compliance with the FCA's requirements. We can conduct regular audits and assessments, identify areas of improvement, and offer proactive solutions to mitigate any compliance gaps that may arise.
Risk Management and Internal Controls
Effective risk management is crucial for the success and longevity of any financial institution. We can work closely with you to assess and mitigate risks, develop robust risk management frameworks, and establish internal control mechanisms. We can help you identify potential risks, implement risk mitigation strategies, and ensure that your operations align with best practices and regulatory guidelines.
Training and Education
Keeping your staff well-informed and up-to-date on regulatory requirements is important. We offer comprehensive training and education programs tailored to client needs. Our training sessions cover various aspects of compliance, risk management, and regulatory updates, empowering clients and their teams with the knowledge and skills needed to maintain compliance and mitigate risks effectively.
Regulatory Updates and Advisory Services
The regulatory landscape is constantly evolving, with new guidelines and requirements being introduced regularly. As experts in the field, we stay up-to-date with the latest regulatory developments and provide timely advisory services to our clients. We can keep you informed about changes in regulations, interpret their impact on your business, and offer strategic guidance to ensure continued compliance.
Types of consumer credit licences under the FCA's authorisation process
There are two types of FCA authorisations conerning consumer credit firms, namely, limited permission and full permission. The type of FCA authorisation you will require as part of the FCA's authorisation process will depend on your business model and the type of service you intend to offer.
1. FCA Limited Permission Consumer Credit Licence authorisation
Applying for limited permission involves a shorter application process and a lower application fee, in comparison to full permission. If you intend to provide any of the following activities, you will require a limited permission licence:
- consumer hire (such as tool and car hire)
- credit broking (excluding domestic premises suppliers) where the sale of goods or non-financial services is the main business and broking is a secondary activity designed to help finance the purchase of those goods or services (for example, car dealerships and retailers that introduce customers to a lender)
- credit broking in relation to consumer hire or hire purchase agreements
- lending where the sale of goods or non-financial services is the main business, and there is no interest or charges
- consumer credit lending by local authorities
- not-for-profit bodies providing debt counselling
2. Full Permission Consumer Credit Licence authorisation
If you intend to provide any of the following activities, you will require the FCA's full permission under the consumer credit licence:
- credit broking where you introduce customers to lenders or brokers and this is your main business activity.
- credit broking where the sale of goods or services takes place in the customer's home (such as boiler installation))
- debt administration and debt collection
- commercial debt counselling and debt adjusting
- lending which is not limited permission (such as lending in relation to personal loans, credit cards and pawnbroking)
- providing credit information services
- providing credit references (such as Experian)
- operating an electronic system (p2p lending)
List of documents to prepare as part of the FCA's consumer credit authorisation process
As part of your FCA authorisation application, you will need to prepare and provide specific information with your application. You will need to provide the following information with your application:
- company business details
- future plans and details of your business activities
- financial forecasts and details
- details of what your business does
- details of how you will treat customers fairly
- your systems and controls
- your compliance arrangements including compliance monitoring
- details of your approved persons and controllers (shareholders)
FCA authorisation fees for consumer credit firms
The application fee will depend on two things. First, whether you are applying for the limited or full permission licence, and secondly, your projected consumer credit income.
The fee is paid at the time of submitting your application.
How long it take to obtain FCA authorisation for consumer credit applications
- Limited permission licence: 1-2 months
- Full permission licence: 3-4 months
Popular consumer credit businesses and the type of FCA authorisation required
Motor traders and dealers
If your main business activity is selling motor vehicles and wishes to offer finance to your customers, for example, referring customers who wish to purchase your vehicle on finance to lenders, you will require a limited permission consumer credit FCA authorisation.
If, however, you do not sell any vehicles but wish to refer motor finance queries to lenders, you will require a full permission FCA authorisation under consumer credit.
Heating and boiler product sellers and installers
If you sell boiler and heating product that involves the sale or service taking place in the customer’s home e.g. boiler installation, you will require a full permission FCA authorisation if you wish to offer finance options to your customers.
Physical and online retailers
If you are a retailer and your primary business involves the sale of goods or services, such as clothing, electric goods, and furniture, and you wish to offer finance options to your customers, you will require a limited permission FCA authorisation.
If you wish to provide debt-related services, such as debt counselling and debt collection, you will require a full permission FCA authorisation.
Why leading firms choose us as their partner.
"We wanted to express our gratitude for the invaluable support we received from Buckingham Capital Consulting as we pursued our Consumer Credit broking Licence. Their expertise and guidance have been instrumental in helping us navigate the licensing process smoothly.
Buckingham Capital Consulting's deep understanding of consumer credit broking regulations has been helpful. They provided us with the necessary knowledge and step-by-step guidance to meet the licencing requirements effectively. With their assistance, we were able to submit our application with confidence and accuracy.
Throughout the entire engagement, the team at Buckingham Capital Consulting has been incredibly helpful and responsive. They patiently addressed our questions, provided tailored advice, and ensured we had a clear understanding of the process. Their expertise has given us peace of mind, knowing that we are on the right track.
We are truly grateful for the exceptional service and genuine care shown by Buckingham Capital Consulting. Their professionalism, expertise, and commitment to our success have exceeded our expectations. We highly recommend their services to any business seeking a Consumer Credit broking licence."