The Financial Conduct Authority's (FCA) Consumer Credit sourcebook (CONC) will contain the majority of the FCA's rules and guidance for the new regime.
The eagerly awaited FCA consultation paper CP13/10 Detailed proposals for the FCA regime for consumer credit, which proposes draft rules and guidance for inclusion in CONC, was published on the FCA website on the 3 October 2013.
Whilst you work your way through the consultation paper, there are some very important things that you should be doing to ensure that your business is in the best place possible to implement changes swiftly. We suggest that you consider the following:
- Your current compliance team - do you need more resource to help with the changes? Many teams are already overwhelmed with the volume of change required
- Review you business policies and procedures - have you documented all of the policies and procedures relevant to your business and are they all up to date? Are they being followed?
- Get to grips with the current FCA authorisation process and get a feel for the information required, and what you will need to demonstrate in applying for authorisation by the FCA in due course.
There remains some very substantial uncertainty around the future regulation of Peer2Peer lending, together with current OFT licensing requirements in relation to category G (debt administration). Lenders operating any form of electronic platform or systems with brokers and dealers need to consider the coverage of their OFT licence (in respect of debt administration) in the absence of current clarity.
Shoosmiths has put in place an industry leading team of financial services lawyers and compliance professionals to help you ensure compliance with the requirements of the financial services regulators, including the Prudential Regulation Authority and the Financial Conduct Authority.
Details of the services available from Shoosmiths LLP are contained within compliance services flyer.
We would be delighted to speak to you about how we can help you keep on the right side of the financial services regulators.