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Tenet launches consumer credit permissions checker for advisers

by: Samantha Partington
  • 08/12/2014
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Tenet launches consumer credit permissions checker for advisers
Tenet Group has launched a consumer credit compliance service for financial advisers to check which permission they need to operate under the Financial Conduct Authority's (FCA) regulatory regime.

The distributor will review firms’ activities and produce a report which will confirm whether it needs authorisation for consumer credit services and which permissions it requires.

Firms carrying out a consumer credit activity had to apply to the FCA for an interim permission to continue to operate by the end of March this year. This came ahead of the transfer of regulation of the consumer credit sector from the Office of Fair Trading to the FCA on 1 April.

From October, those firms which have applied for and been granted interim permissions will have been issued an application period, known as a landing slot, to obtain the correct full permissions to allow them to carry on trading.

This process runs up to March 2016 and the landing slot depends on the type of activity and where in the country the firm is based.

Full permissions are needed for high risk business such as payday lending and where consumer credit is the firm’s core business. Others require only limited permissions if they are carrying out functions such as debt adjusting or credit brokering.

Tenet is concerned that is not clear to all firms which permissions they require.

Distribution and development director, Helen Turner, said: “Tenet has over 25 years compliance consultancy experience and its network businesses were the first major distributors to achieve full FCA authorisation for consumer credit activities.

“Tenet aims to provide regulatory certainty to financial advisers that undertake commonplace activities such as arranging buy-to-let mortgages, advising clients to repay debts, or helping their clients to understand their personal credit report.”

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