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Consumer credit

Do I need a credit licence?

From 1 April 2014 the responsibility for consumer credit regulation passed to the Financial Conduct Authority (FCA).  Businesses operating in consumer credit may now need to be authorised by the FCA.  To find out if your business needs to be authorised visit the FCA website.

Financial Conduct Authority (external website)

 

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How do I make a credit licence application?

To be authorised to engage in consumer credit business you may need to complete an application to the FCA. To find out more visit the FCA website.

Financial Conduct Authority (external website)

 

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Where can I go to get consumer credit advice?

The FCA are responsible for publishing guidelines and rules for authorised businesses. To find out more visit the FCA website.

Financial Conduct Authority (external website)

 

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How do I make sure my credit adverts are legal?

The FCA are responsible for publishing guidelines and rules for authorised businesses in respect to consumer credit advertising.  They are also responsible for enforcing those rules. To find out more visit the FCA website.

Financial Conduct Authority (external website)

 

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What role is there for trading standards in ensuring credit adverts are not misleading?

The FCA have the responsibility for making sure that consumer credit adverts comply with the rules for authorised businesses. However, trading standards will still have a role in ensuring that such adverts are not misleading.

The following page on the business companion website gives you some practical information about how to avoid misleading consumers:

Business companion - Consumer protection from unfair trading (external website)

The following page on the business companion website gives you some practical information about how to avoid misleading business customers:

Business companion - Business-to-business marketing (external website) 


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