The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) Order 2014 has been published together with an explanatory memorandum.
The Order makes transitional provisions relating to the transfer of consumer credit regulation from the OFT to the FCA. It was made on 19 February 2014 and comes into force on 1 April 2014, which is when responsibility for consumer credit transfers to the FCA.
The Order amends the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013. In particular, it:
- enables persons holding a consumer credit licence to obtain interim permission under the Financial Services and Markets Act 2000;
- amends the transitional provisions to enable a person whose consumer credit licence is subject to a suspension immediately before 1 April 2014 to obtain interim permission where an appeal against suspension is successful; and
- amends the transitional provisions in so far as they relate to certain enforcement and disciplinary notices issued by the OFT.