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FCA PUBLISH TIMETABLE FOR APPLICATION FOR FULL AUTHORISATIONBack

FCAThe FCA have published their timetable for the application period for Full Authorisation.

The FCA have confirmed that the time slots for firms to apply will be based on business activities as indicated on a firms interim permission application. For most dealers the application period will be based consumer credit business unless they have indicated they wish to act as a Principal.

Applications are further divided into 4 sub-groups based on geographic area. Motor dealers will be one of the last groups to be brought forward for full application. The application period is as follows:-

  • North Region: 1 December 2015 – 1 March 2016
  • London and International: 1 December 2015 – 1 March 2015
  • Scotland, N Ireland, South and North region: 1 January 2016 – 1 April 2016
  • Central Region: 1 January 2016 – 1 April 2016

Firms wanting to be principals will be able to apply between 1 June and 1 September 2014.

Firms will need to adhere to these dates and failing to apply during the application period will lead to a firms interim permission being cancelled. However firms may apply to the FCA for a change of application date in certain circumstances such as a group wanting to synchronise all its applications.

In general the application will need to be submitted on-line.

Firms will be sent a letter by 1 May 2014 to confirm their application period. Any firm not wanting to apply for authorisation should inform the FCA as soon as possible.

For further information please find the link below to the relevant part of the FCA website.

http://www.fca.org.uk/firms/firm-types/consumer-credit/authorisation/when-to-apply

If you require any assistance with this please contact louisewallis@rmif.co.uk

Posted by Sue Robinson on 04/04/2014