Our services for lenders
FCA licence authorisation
We can help advise on the requirements and prepare your application, including all the required policies, for a successful application in the quickest time possible. We also help manage communication with the FCA.
Helping you offer finance
If you are seeking to lend money, we can advise you on the type of licence you require as well as the requirements. We can prepare and manage the FCA application on an end-to-end basis.
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.
How we will support you
Step 1
We spend time understand your business, people, culture and business requirements.
Step 2
We prepare and develop your application, working closely with you.
Step 3
We submit your application and manage any additional information requested by the FCA, ensuring a smooth and successful outcome.
Sectors we serve
Payment services
We work with start-ups to unicorns and offer bespoke support across licence authorisation, compliance and support across the UK and Europe.
Banking
We help retail, private and investment banks with authorisation applications, PRA & FCA compliance, financial crime and training.
Credit broking
If you sell products and services and wish to offer customer finance, then we can help you become FCA authorisation.
Insurance
We provide comprehensive assistance to general insurers and Lloyd's of London brokers across compliance, training and authorisation.
Lending
From buy now pay later to traditional lending models, we advise you on operations, strategy, authorisation, and ongoing compliance requirements.
E-money
We work with start-ups to established firms in helping with Electronic Money Institution licence authorisation applications, compliance, training, policy and more.
Cryptoassets
We help clients on financial crime and licence authorisation across a number of countries.
Investment services
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.
Open banking
We help open banking firms, including account information service and payment initiation service providers, across compliance, training, and authorisation.
FCA Consumer Credit lending licence Guide
Introduction
At Buckingham Capital Consulting, we specialise in navigating the complex regulatory landscape surrounding the FCA's authorisation for consumer credit lending firms. Our team of experts possess a strong understanding of the intricacies involved in obtaining and maintaining FCA authorisation for lenders. 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.
Becoming a lender involves demonstrating that your firm has the necessary systems, processes, and controls in place to safeguard consumers' interests. We work closely with you to assess your existing policies and procedures, identify any gaps or areas for improvement, and develop strategies to address them effectively.
Our team can assist you in preparing the required documentation, including business plans, financial forecasts, compliance frameworks, and other supporting materials, ensuring they align with the FCA's expectations for consumer credit lenders. We will guide you through the application process, providing valuable insights and expertise to increase your chances of a successful license application.
At Buckingham Capital Consulting, our focus is on helping you establish a compliant lending operation. We will assist you in implementing appropriate risk management practices, developing customer-focused policies, and ensuring adherence to the FCA's principles of treating customers fairly.
By partnering with us, you can benefit from our knowledge and experience in navigating the specific requirements of the FCA consumer credit license. We will support you in developing a robust compliance framework tailored to consumer credit lending, enabling you to operate within the regulatory boundaries while providing fair and transparent lending services to consumers.
Below, you will find the essential information about becoming a lender and obtaining the relevant licence from the Financial Conduct Authority.
Our services for lenders
Having helped firms since 2013, we pride ourselves on being experts in FCA authorisation for consumer credit firms, especially licencing and regulatory compliance support for lenders. Our comprehensive range of services is specifically designed to assist lenders in obtaining and managing their licences efficiently, ensuring compliance with the FCA requirements.
FCA authorisation for lenders - Application Support
Navigating the FCA's licence process 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.
FCA authorisation for lenders
In order to become a regulated lender, you must obtain FCA authorisation as a consumer credit firm with lending permissions. Obtaining FCA authorisation is a crucial step for firms aiming to become a regulated lender. We can provide valuable insights into the regulatory requirements associated with the process. Below are the key elements, including PERG, COND, and SYSC, to help you better understand the licensing process.
1. Regulatory Framework and Purpose: The FCA's regulatory framework for consumer credit lending aims to protect consumers and promote fair practices in the lending industry. By obtaining a consumer credit licence, firms demonstrate their commitment to operating within regulatory boundaries, ensuring consumer protection and fair treatment.
2. PERG (Perimeter Guidance): PERG is a set of guidance documents issued by the FCA that helps firms determine whether they require authorisation for their activities. It clarifies which activities fall within the scope of the consumer credit licence, providing clarity on authorisation and exempt activities. Understanding PERG is crucial for firms to assess if they need to obtain the licence and comply with FCA regulations.
3. COND (Threshold Conditions): COND outlines the minimum standards that firms must meet to obtain and maintain their consumer credit licence. These conditions encompass various aspects, including integrity, competence, financial soundness, and compliance with relevant laws and regulations. Firms must demonstrate their ability to meet these conditions to obtain the licence and continue operating in the lending industry.
4. SYSC (Systems and Controls): SYSC refers to the FCA's principles and requirements for an effective system of governance and internal controls within firms. It covers areas such as risk management, compliance monitoring, and customer protection. Firms seeking FCA authorisation as a consumer credit firm must establish robust systems and controls, ensuring the fair treatment of customers, responsible lending practices, and the prevention of financial crime.
5. Compliance Obligations: Compliance with FCA authorisation as a lender entails fulfilling several obligations. These include conducting affordability assessments, providing clear and transparent loan terms, ensuring fair collections practices, and maintaining adequate records. Compliance monitoring and reporting to the FCA are also essential elements of maintaining the licence.
6. Ongoing Regulatory Oversight: Once authorised, firms are subject to ongoing regulatory oversight by the FCA. This includes periodic reporting, compliance monitoring visits, and potential thematic reviews. Adhering to these requirements is crucial to maintain regulatory compliance and ensure the FCA's continued confidence in the firm's operations.
Additional Services for Consumer Credit broking firms
Why leading firms choose us as their partner.
"We are pleased to share our positive experience working with Buckingham Capital Consulting.. Their expertise and support have been instrumental in helping us navigate the complex regulatory requirements.
Buckingham Capital Consulting's deep knowledge of lending regulations and attention to detail have been invaluable. They guided us through each step of the process, ensuring that we met all requirements and provided accurate documentation.
Throughout our engagement, the team at Buckingham Capital Consulting has been responsive and dedicated. They took the time to understand our specific needs and provided tailored advice.
We are grateful for the service provided by Buckingham Capital Consulting. Their professionalism, expertise, and commitment has been outstanding."