Association of Financial Brokers News

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FCA revises its Consumer Credit fees proposals to assist smaller firms

Following feedback FCA has issued a revised Consumer Credit fees consultation paper to address the concerns raised about the impact its proposed regulatory fees regime would have on smaller firms.

The new consultation seeks to amend the proposals made for firms seeking full Consumer Credit permissions. It does not amend any other parts of the original paper – CP13/14 regulatory fees and levies: Policy proposals 2014/15.

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FCA Regulatory Fees and Levies: policy proposals for 2014/15 - Consumer credit fees

FCA is now consulting how it will charge consumer credit firms to become authorised and, once authorised, how it will continue to charge firms on an annual basis.

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FCA opens its Consumer Credit registration process alongside a programme of rebates and early discounts.

From today (2nd September 2013) broker firms will be able to register their consumer credit licence with the FCA to begin the process of transferring from the old OFT regime to come under the new FCA’s consumer credit remit.

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AFB - FCA implementation of MCD

Following HM Treasury’s publication of its consultation implementing the EU Mortgage Credit Directive (MCD), the FCA has now published its consultation.

HM Treasury’s consultation confirmed that FCA would be responsible for transposing the MCD through its Rule and Guidance. The FCA’s consultation sets out how this will be done.

The MCD applies equally to first and second charge mortgages and the UK government has decided that second charge mortgage regulation should move from consumer credit to the mortgage regime.

The changes made under the MCD must be implemented by 21 March 2016.

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AFB - HM Treasury has published its consultation on the implementation of the EU Mortgage Credit Directive

HM Treasury has published its consultation on the implementation of the EU Mortgage Credit Directive (MCD).

HM Treasury has made FCA responsible for transposing the directive. As such the MCD will not be copied out into legislation but will be implemented by FCA’s handbook rules and guidance.

As excepted because the MCD covers both first and second charge mortgages, HM Treasury has confirmed the second charge mortgage regulation will come under FCA’s mortgage regime and not its consumer credit regulation.

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AFB - Regulatory statue disclosure

As from 1 April 2014 all second charge broker firms are required to meet the FCA’s disclosure requirements as set out in its Handbook under GEN 4.

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