The FCA has issued a direction to consumer credit firms with interim permission.
The purpose of the direction is to specify the dates on which these firms should apply for full FCA authorisation. The direction states that the application period will run from 1 October 2014 until the end of the day on 31 March 2016. It also states that firms will not be able to become appointed representatives in respect of credit-related regulated activities until it has granted their prospective principals the permission to carry on such activities. The FCA is therefore allowing any firm that has provided it with an indication of its intention to become a principal to apply for authorisation in the three month period from 1 June 2014. For these firms, this will be their allocated application period. However, if these firms are not ready to apply during this time, the FCA will change their application period to that which would have been applicable had the firm not provided it with an indication of its intention to become a principal.
The FCA will be writing to all firms with interim permission by 1 May 2014 to confirm their application period.
View Application periods – direction to firms, 28 March 2014