top of page
black and purple mesh illustration_edited_edited_edited_edited_edited_edited_edited_edited

FCA Consumer Credit Licence

We can help you obtain consumer credit license in the UK, enabling you to offer services including credit broking, debt adjusting, debt counselling, debt collecting, and providing credit information services.

How can we help?

Let's discuss

Fill out our form and we will get back to you, usually within 24 hours. 

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."

Our services for consumer credit firms

FCA licence authorisation

We can help advise on the requirements and prepare your application, including all the required policies, for a successful FCA authorisation application in the quickest time possible. We also help manage communication with the FCA.

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

End-to-end set-up 

From company incorporation to compliance and training, we can help with everything you require to obtain the relevant licence and meet your ongoing regulatory obligations.

Seeking something more bespoke or not listed above? Contact us to discuss your unique requirements. With our expertise and experience in financial services, chances are we can assist you effectively.

Authorisation guide for consumer credit firms

Introduction

At Buckingham Capital Consulting, we specialise in navigating the complex regulatory landscape surrounding the FCA's authorisation for the consumer credit licence. Our team of experts possesses a deep understanding of the intricacies involved in obtaining and maintaining FCA authorisation for consumer credit activities. We stay updated on the latest regulatory developments to provide you with the expertise needed to secure your consumer credit licence and ensure ongoing compliance.

 

Our FCA authorisation service is designed to take the burden off your shoulders. We guide you through each step of the authorisation process, from the initial application to ongoing compliance requirements. By leveraging our extensive 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 running your business while we handle the complexities of FCA authorisation.

 

Do You Need a Consumer Credit Licence?

If your business involves offering or arranging finance, it’s likely you will need FCA authorisation for a consumer credit licence. This includes businesses such as lenders, credit brokers (those who refer finance applications to lenders), pawnbrokers, high-cost short-term lenders (payday loans), and those involved in debt-related activities like debt collection and counselling. For more detailed information, you can refer to the FCA's guide on consumer credit lenders and hirers.

 

Types of Consumer Credit Licences

1. Limited Permission Consumer Credit Licence

 

Applying for limited permission involves a shorter application process and a lower application fee compared to full permission. You will need a limited permission licence if you provide any of the following activities:

  • Consumer hire (e.g., tool and car hire).

  • Credit broking where the main business is the sale of goods or non-financial services, and broking is a secondary activity to help finance these purchases (e.g., car dealerships and retailers introducing customers to lenders).

  • Lending where the main business is the sale of goods or non-financial services without interest or charges.

  • Debt counselling by not-for-profit bodies.

 

2. Full Permission Consumer Credit Licence

 

You will need full permission if your business activities include:

  • Credit broking as the main business activity or in the customer’s home.

  • Debt administration and debt collection.

  • Commercial debt counselling and debt adjusting.

  • Lending for personal loans, credit cards, and pawnbroking.

  • Providing credit information services or references (e.g., Experian).

  • Operating an electronic system for peer-to-peer lending.

 

Application Process for FCA Authorisation

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 expert guidance throughout the application process. We assist with the preparation and submission of all necessary documentation, ensuring your application is complete, accurate, and stands the best chance of approval.

 

Documents Required for FCA Authorisation:

  • Company business details.

  • Future plans and details of your business activities.

  • Financial forecasts and details.

  • Information on how you will treat customers fairly.

  • Details on your systems and controls.

  • Compliance arrangements, including monitoring.

  • Information about your approved persons and controllers (shareholders).

 

Compliance Framework Development

Maintaining a robust compliance framework is essential for consumer credit firms. We work closely with your business to develop customised compliance frameworks tailored to your specific needs and business model. Our experts design and implement compliance policies and procedures that meet regulatory standards and effectively mitigate risks.

Ongoing Compliance Monitoring

Regulatory compliance is an ongoing commitment. Our team provides comprehensive compliance monitoring services to ensure your business remains fully compliant with FCA requirements. We conduct regular audits and assessments, identify areas of improvement, and offer proactive solutions to mitigate any compliance gaps.

 

Risk Management and Internal Controls

Effective risk management is crucial for the success and longevity of any financial institution. We help you assess and mitigate risks, develop robust risk management frameworks, and establish internal control mechanisms. This ensures your operations align with best practices and regulatory guidelines.

 

Training and Education

Keeping your staff informed about regulatory requirements is vital. We offer comprehensive training and education programmes tailored to your needs. Our sessions cover various aspects of compliance, risk management, and regulatory updates, empowering your team with the knowledge and skills to maintain compliance and mitigate risks effectively.

 

Regulatory Updates and Advisory Services

The regulatory landscape is constantly evolving. We keep you informed about changes in regulations, interpret their impact on your business, and offer strategic guidance to ensure continued compliance.

FCA Authorisation Fees for Consumer Credit Firms

The application fee depends on whether you are applying for limited or full permission and your projected consumer credit income. The fee is paid at the time of submitting your application.

Timeline for Obtaining FCA Authorisation:

  • Limited permission licence: 1-2 months.

  • Full permission licence: 3-4 months.

 

Conclusion

Obtaining FCA authorisation for consumer credit activities can be complex, but with careful preparation and understanding of the requirements, you can navigate it successfully. Buckingham Capital Consulting is here to assist you at every step, ensuring your application is thorough and compliant with all regulatory standards.

Our People

Our team of regulatory and compliance experts brings together diverse backgrounds in banking, consulting, legal, financial, and regulatory sectors. This collective experience provides us with a comprehensive understanding of the unique challenges our clients face. When you choose to work with us, you’ll benefit from the personalised attention of seasoned professionals, often at the director level, ensuring you have direct access to senior experts. Our team combines robust regulatory knowledge with commercial insight, delving deep into your business to tailor unique solutions specifically suited to your needs. This approach ensures we address your challenges effectively and support your success.

bottom of page