The secured loan packager is one of the first to achieve consumer credit permission further strengthening its commitment to extend its services across the broker market.
The FCA is consulting on the move to regulate secured lending under the MMR regime from 21 March 2016. Under the proposals, second charge firms would be required to comply with FCA mortgage rules in areas such as affordable lending, advice, and dealing with payment difficulties.
The FCA permission comes as KR Group’s acquisition of V Loans, announced in September, completes and the company is confirmed as a trading name of Key Secured Lending.
The brand name of V Loans, which was founded in 2007 by Dave Pinnington and Marie Grundy, is being retained and the company will continue to operate from its headquarters in Wilmslow, Cheshire.
Marie Grundy of Key Secured Lending, said: “As the regulatory landscape for the second charge market continues to evolve at a rapid pace we are focused on ensuring we exceed the regulator’s high standards.
“It is crucial in the second charge market as intermediaries looking to place business will choose partners carefully with regulatory standards in mind and the FCA permission ensures that we can look to extend our services to a wider intermediary base in the coming months.”
Over-55s financial specialist Key Retirement, founded in 1998 as an equity release specialist has recently rebranded ahead of the retirement revolution being ushered in from April 2015.
KR Group is backed by private equity investor Phoenix Equity Partners which bought a majority stake last year for £35m.
Recent expansion has included taking a majority shareholding in fixed term annuity provider Primetime Retirement, adding to its existing financial services range which includes equity release, retirement income, Wills and Lasting Power of Attorney.
