Neil Liversidge’s letter last week (27 November) about the new FCA authorisation process for obtaining credit permission rather than having a licence struck a chord.
One of the reasons for the delays is that it should be remembered that there are many ‘non-financial’ firms out there that previously had consumer credit licences (so on interim like Neil). When I say ‘many’, let us be a bit more accurate – around 50,000.
I am dealing with gas fitters, furniture makers, solar panel installers and even violin makers who need assistance with their application for authorisation. Think about it: if someone au fait with the FCA and their ethos and terminology uses a compliance service to gain authorisation – that is, someone reading this letter – then what hope is there for a violin maker?
The whole ‘outside world’ has been thrust into our financial territory with the changes but the important end result is this – once the current CCL licences have all been re-worked through the system by way of authorisation, the FCA register will not only be a list of financial advisers and mortgage brokers but also thousands of individuals who offer their services with a credit arrangement. Fine if you understand it all, but rather confusing to the consumer.
Remember the register is still called The Financial Services Register, despite being under the FCA. Gas fitter? Violin maker? Offering financial services? Well ,the FCA would say they now are – just like you.
Ian McIver
Director, IFA Compliance, Cheltenham
