There has been published on the legislation.gov.uk website The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) (No.4) Order 2014 (the Order).
The Order makes provision in connection with the transfer of consumer credit regulation from the OFT to the FCA which is effected by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (the RAAO).
The RAAO confers an interim permission on certain persons who held OFT consumer credit licences immediately before 1 April 2014. Interim permission lasts only for a limited period and ends, where an application for full permission is made, when that application is determined. The Order amends the RAAO to provide that the application is determined on the date in which a decision notice is given.