On 16 November 2023, the FCA announced that it has recently reviewed its interpretation of the consumer credit legislation for Limited Permission secondary credit brokers, and specifically how the legislation applies to credit broking firms whose main business activity is the supply of non-financial services.

As a result of that review, firms that were authorised as Full Permission credit broker firms may be eligible to become authorised as Limited Permission firms, depending on the activities they undertake. Firms that are eligible may be entitled to a refund on a proportion of their past regulatory fees.

The FCA notes that firms should use the decision tool on its website for further information about whether they may be impacted by the review.