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After listening to the views of firms at roadshows throughout the country, today the FCA has announced that it has reduced its proposed consumer credit application fees for small firms. This has been published in a Supplement to our fees Consultation Paper.
During November, many of you attended FCA roadshows and took part in a webinar where we had the opportunity to discuss our proposals to regulate consumer credit, including fees. We also received early feedback to the Consultation Paper, Regulatory fees and levies: policy proposals for 2014/15 (CP13/14), published on 31 October, 2013.
The FCA listened to the views of stakeholders, particularly small firms, regarding application fees and the potential for significant negative impact on their business. As a result, the FCA is proposing that small firms will pay no more than £1,000 in application fees, and those in the less complex categories will pay less.
As the FCA takes over regulation of consumer credit from the Office of Fair Trading (OFT) on 1 April 2014, we want to inform firms of our proposed change quickly. Rather than wait to provide formal feedback until after the consultation period closed, we decided it would be more helpful to firms to issue amended proposals as soon as possible. We are asking for comments on our Supplement to the Consultation Paper by 16 January 2014. You can send them to us using the form on our website.
Anyone who has already responded to our fees Consultation Paper may wish to reconsider their feedback to question one and send us a new response by 16 January 2014.
I would like to thank everyone who has taken the time to send us feedback on our consumer credit proposals. The events and your responses have been extremely useful and constructive and the FCA has taken on board your views.
Chief Operating Officer