The license will allow the network to extend its proposition to include credit broking, debt counselling and debt adjusting, credit information services and lending.

TenetLime managing director Gemma Harle (pictured) said: “As far as we are aware we have become the first network to become fully licensed.

“We put a lot of effort into preparing to offer this new service and anyone who thinks that varying their permissions is a straightforward procedure may be surprised.

“Our ability to simplify the process and significantly lower the cost of authorisation underlines the benefit of belonging to a network.”

Responsibility for regulating the consumer credit industry transferred from the Office of Fair Trading to the FCA on 1 April 2014.

Sponsored

Are your clients ready for the first Making Tax Digital reporting deadline?

Sponsored by BM Solutions

There are an estimated 50,000 firms that will require FCA authorisation for consumer credit-related services from debt management firms and insolvency practices, to motor dealers and pawn brokers.

Any firm which wanted to be considered for a full licence under the new regulation of the FCA had to apply for an interim permission to continue trading. The FCA is reviewing all interim licences before full approval is granted.