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Mortgage Credit Directive CP14/20

The MCD implementation applies equally to first and second charge mortgages. Full consultation can be viewed: CP14/20 Implementing the Mortgage Credit Directive and the new regime for second charge mortgages  

 
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Consumer Credit – The FCA have issued the following email

Registration is open  You can register with us from today. This means you will have permission to continue your consumer credit activities after the Office of Fair Trading (OFT) ceases to exist on 31 March next year.  We are calling this ‘interim permission’ and it will last until you need to be fully authorised by us sometime

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OFT licence holders ‘important dates’ to obtain FCA interim permissions

There is a short timetable to the transfer and the FSA is keen to make the transition as straightforward as possible. This means that there will be a phased approach to the transfer, with an interim period starting in April 2014 and moving to full implementation by April 2016. From Autumn 2013, existing OFT licence

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Cookies ICO guidance are you covered

  First issued in May 2011, the guidance has been updated to clarify the following points around implied consent: Implied consent is a valid form of consent and can be used in the context of compliance with the revised rules on cookies. If you are relying on implied consent you need to be satisfied that

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OFT guidance issued misleading or otherwise undesirable names

Guidance was issued today regarding undesirable and misleading trading names OFT 1378 April 2012 The guidance applies to any trading name a business uses which is linked to the provision of credit or ancillary credit services. This includes on-line domain names and web-site addresses. It also covers, for example, online names used by ‘lead generators’ where

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Required business Start Up specialist in Consumer Finance industry

£55k to £65K pro rata A business Start Up specialist in the Consumer Finance industry is required for the launch of a Financial Services sales team within an established online lead generator. The team will primarily focus on the sale of life insurance and private medical insurance.

 
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OFT revokes brokers CCL

The OFT has decided that Yes Loans Limited, one of the UK’s largest brokers of unsecured credit, is unfit to hold a consumer credit licence, as are two associated businesses, Blue Sky Personal Finance Limited and Money Worries Limited. The OFT found evidence that Yes Loans had engaged in unfair business practices, including: using high

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OFT launches review into payday lending

The review will investigate compliance with the Consumer Credit Act and the OFT’s guidance on irresponsible lending. There are a number of issues of concern that the OFT will focus on during the review, including: Giving loans without first checking adequately that the borrower can afford to repay them. Inappropriately targeting particular groups of people

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FCA oversee Consumer credit market currently presided by OFT

With the Government publishing draft legislation replacing the regulator with three bodies; the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. The Financial Conduct Authority (FCA) will take over responsibility for consumer financial matters, and will also oversee the consumer credit market, currently presided over by the Office of Fair Trading

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Fast Money FSA fines directors, no governance,no controls

The FSA banned its owner and director, Simon Latham, and former chief executive, Stuart Mason, from performing significant influence functions in the future. Latham has also been fined £17,500. Fastmoney arranged regulated mortgage contracts, including regulated bridging loans, on a non-advised basis for retail customers. Between August 2005 and March 2010, Fastmoney arranged 370 regulated

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