Changes to the consumer credit group licence regime
The UK system of regulating consumer credit is changing from 1 April 2014. From this date the new Financial Conduct Authority will assume responsibility from the OFT for the regulation of all consumer credit activity. The incidental financial business rules were amended at the SGM to make consumer credit activity a new category of incidental financial business. Please review your firm/personal position to ensure you have the necessary IFB licence to carry out consumer credit business from and after 1 April 2014.