Financial Conduct Authority offers rebate
The Government, having consulted both the OFT and FCA, has decided that as a result of the transfer of consumer credit regulation to the FCA in April 2014, there will be a programme of rebates to consumer credit licence (CCL) holders to reflect the closure of the OFT regime on 31 March 2014.
This is designed to ensure that the cost of the transfer of regulation is proportionate. Full details of how rebates will be made will be announced in the autumn.
Firms that hold credit licences are able to register with the FCA to begin the transfer process. There is also a 30% early registration discount for those CCL holders that register before 30 November 2013.
Robert Sinclair, Chief Executive of the Association of Mortgage Intermediaries (AMI), is encouraging firms not to delay in checking their licence details, and to register with the FCA as soon as possible, to benefit from the discount.
For more information visit the FCA website www.fca.org.uk/firms