The FCA has updated its FAQs on consumer credit regulation by inserting a new section that deals with inflight cases (that is applications that the OFT were dealing with before 1 April when the FCA took over supervisory responsibility).

The new questions covered are:

• what happens to licence applications that the OFT did not complete before it closed?
• I applied to the OFT, how will I know that my application has been transferred to the FCA?
• my application has been passed to the FCA, how long will it take for the FCA to make a decision?
• I’ve already provided the OFT with information to support my application. Why is the FCA asking for more?
• my application was a variation to an existing licence rather than a new application. How long will this take?
• I submitted an application to the OFT, and understand that it is going to be passed over to the FCA. If I have additional information that I want to add or change in my application, what do I do?

View FCA consumer credit FAQs – inflight applications, 1 April 2014