Richard Darlington

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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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 We are calling this ‘interim permission’ and it will last until you need to be fully authorised by us sometime between 2014 and 2016.

 We recommend that you register early, so we are offering you a 30% discount if you register before the end of November 2013.

 We will send you a pack in the next few days explaining how to do this.

The cost of interim permission will be £150 (£105 with discount) for sole traders and £350 (£245 with discount) for most other businesses, although there are some exemptions. This fee will cover you until you need to be fully authorised.

Visit fca.org.uk/clicked to register straight away or to find out more information on registering, including frequently asked questions and step-by-step guides.

We will contact you again when we launch our consultation on more detailed proposals for regulating the credit market.

 Please note: The Government has decided that there will be a programme of rebates to OFT licence holders reflecting the closure of the OFT at the end of March next year.

Full details of how rebates will be made – including the eligibility criteria, the mechanism to be used, and when – will be announced later in the year. Firms must maintain a valid OFT licence until the end of March in order to continue trading legally.

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• From Autumn 2013, existing OFT licence holders can apply for interim permission so that they can continue to operate;
• They will have to provide limited information and pay a one off fee;
• Existing OFT licences will lapse on 31 March 2014 and FCA interim permissions will begin from 1 April  2014;
• The interim permission regime will end in 2016 and firms need to be fully authorised by that time.

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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 your users understand that their actions will result in cookies being set. Without this understanding you do not have their informed consent.
• You should not rely on the fact that users might have read a privacy policy that is perhaps hard to find or difficult to understand.
• In some circumstances, for example where you are collecting sensitive personal data such as health information, you might feel that explicit consent is more appropriate

PDF can be viewed at: Download the ICO’s cookies guidance (pdf)

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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 they are engaged in activities for which a credit licence is required.

Businesses must notify the OFT of all trading names under which they carry out licensable activity and must satisfy the OFT that the names are not misleading or otherwise undesirable. Names that are considered to be misleading are likely to be refused on new and renewal licence applications and on application to vary a consumer credit licence.

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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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The OFT found evidence that Yes Loans had engaged in unfair business practices, including:

using high pressure sales tactics to persuade consumers to provide their debit or credit card details on the false premise that they were required for an identity and/or security check
deducting brokerage fees without making it clear that a fee was payable, and/or without the consumer’s consent
failing to introduce some consumers to the product originally sought, frequently arranging short-term, high interest, loans instead
misleading consumers into believing it was a loan provider rather than a credit broker
treating customers poorly by not providing refunds in a timely manner.

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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 with clearly unsuitable or unaffordable credit.
• Rolling over loans so that charges escalate and the loans become unaffordable.
• Not treating borrowers that get into financial difficulties fairly.

David Fisher, OFT Director of Consumer Credit, said:

‘We are concerned that some payday lenders are taking advantage of people in financial difficulty, in breach of the Consumer Credit Act and not meeting the standards set out in our guidance on irresponsible lending. This is unacceptable. We will work with the trade bodies to drive up standards but will also not hesitate to take enforcement action, including revoking firms’ licences to operate where necessary

• The Consumer Credit Act 1974 (as amended) requires businesses offering credit, lending money or involved in activities relating to credit or hire to be licensed by the OFT. Consequently,when you applied for a licence you would have certified that certain procedures and processes are in place to satisfy the granting of the licence.
• The OFT’s irresponsible lending guidance was published in March 2010 (updated February 2011). The guidance outlines the standards expected of consumer credit businesses including payday lending companies and states that they should make an assessment of affordability before granting loans.
• The guidance also highlights that creditors should treat borrowers fairly and with forbearance if they experience difficulties repaying their loans. Similarly, the guidance sets out examples of irresponsible lending practices which, if engaged in, would call into consideration the fitness of the business concerned to hold a CCL.
• The review will also cover compliance with other OFT guidance and legal obligations where relevant.
• The OFT considers a ‘payday loan’ to be a short-term, high interest, unsecured loan, typically repaid by the time/when the borrower receives his next regular income payment (normally on or around/within 30 days of having been granted the loan). References to a ‘payday lender’ are references to businesses which offer these types of loans.
• The OFT published its High Cost Credit Review in June 2010 and published its Debt Management Review in September 2010.

24th February 2012

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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 (OFT)

Contact us today to discuss your future requirements

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