The FCA has published two new webpages under Exemptions and amendments in the Consumer credit section of its website.
The new webpages relate to:
- definition of domestic premises supplier. The FCA sets out the amended definition of domestic premises supplier, which came into force on 24 March 2015. It explains that it is a firm’s responsibility to determine whether they fall within the amended definition, and sets out certain steps for firms who have submitted an application under the old definition and are awaiting authorisation as well as for firms who are already authorised with full permission but fall within the scope of the revised definition. Suppliers who fall outside the amended definition may be able to benefit from limited permission credit broking, provided that they do not engage in any other regulated activity requiring full permission; and
- broking of consumer hire agreements and hire-purchase agreements. The scope of the limited permission regime to cover all broking of consumer hire and hire-purchase agreements has been extended since 24 March 2015. The FCA reminds firms that lending under hire-purchase agreements remains full permission and offering consumer hire agreements as owner is limited permission. The FCA also sets out steps for firms that have submitted an application for full permission but have not yet been authorised, and for firms which are already authorised with full permission but would like to limit their permission as a result of the revised scope.
View Consumer credit – Definition of domestic premises supplier, 31 March 2015