The FCA has published a new web page on reporting requirements for firms authorised to carry on consumer credit regulated activities. In particular, the web page highlights the point that once a consumer credit firm is fully authorised, the FCA requires them to report information on a regular basis. This is either six monthly or annually, depending on the nature and size of the firm’s business. The web page includes information on:
- scope of reporting;
- limited permission reporting;
- not-for-profit bodies;
- credit references;
- authorised professional firms; and
- high cost short term credit and home-collected credit.
The reporting regime for consumer credit firms takes effect from 1 October 2014 and applies to firms from either this date or the date of authorisation (if later). However, it does not apply to firms with interim permission to carry on consumer credit regulated activities.
View Reporting requirements for authorised firms, 30 May 2014