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YOUR OPTIONS

To sell Consumer Credit you must be registered with the FCA as one of the following:

Types of authorisation

What type of FCA status does my company need?

There are 2 types of authorisation:

Type 1 – using our permissions, as an:

  • Introducer Appointed Representative (IAR)
  • Appointed Representative (AR)

Type 2 – directly authorised with the FCA

  • Full permissions – this means you can offer finance anywhere, including in the home of your customer
  • Limited permissions – this means you cannot talk finance in the home of the customer, only over the phone, online, or at your business premises
Becoming an Introducer Appointed Representative (IAR)
Becoming an Appointed Representative (AR)
Becoming fully authorised with Limited Permissions
Becoming fully authorised with Full Permissions

BECOMING AN INTRODUCER APPOINTED REPRESENTATIVE (IAR)

What is an Introducer Appointed Representative (IAR)

The FCA definition:

An introducer appointed representative is an appointed representative appointed by a firm whose scope of appointment must, under SUP 12.5.7 R, be limited to:

  1. (a) effecting introductions to the firm or other members of the firm’s group; and
  2. (b) distributing non-real time financial promotions which relate to products or services available from or through the firm or other members of the firm’s group.

In practical terms: 

This means you operate under a separate FCA approved firm. You will have a legally binding contract with them. This firm will provide you with procedures required by the FCA to become and remain compliant. You will be able to pass your customers details to the approved firm, you will not be able to discuss any of the regulated products with the customer.

Costs to become an IAR

To become an IAR to our firm will cost

  • An initial set up fee of £995 plus VAT

Followed by a monthly rolling contract of:

  • £99 plus VAT per month

BECOMING AN APPOINTED REPRESENTATIVE (AR)

What is an Appointed Representative (AR)

The FCA definition:

An appointed representative is a person who is party to a contract with an authorised person which permits or requires him to carry on certain regulated activities (see Glossary for full definition). SUP 12 (Appointed representatives) contains rules and guidance relating to appointed representatives. 

In practical terms: 

This means you operate under a separate FCA approved firm. You will have a legally binding contract with them. This firm will provide you with the polices and procedures required by the FCA to become and remain compliant.

Cost to become an AR

To become an AR to our firm will cost

  • An initial set up fee of £2400 plus VAT

Followed by 12 monthly subscription payments of

  • £475 per month

Contact:
Email: dave@fcgltd.co.uk (Sales Director)
Tel: 0191 535 2532

DIRECTLY AUTHORISED – LIMITED PERMISSIONS

Consumer Credit – Limited Permissions Application

Limited permissions are required if you discuss finance remotely with a customer and not face-to-face in a customers home.


We apply for your consumer credit limited permissions with the FCA. This includes providing you with all the policies and template procedures required by the regulator. You will need to be committed to complying with the FCA regime or this is not for you. 

Policies required for limited permissions

Company Policies and Procedures – written

All regulated requirements including:

Business Documents

  • Complete FCA Application
  • Regulatory Business Plan
  • Consumer duty Culture
  • Customer Sales Journey
  • After Sales Process
  • Organisational Chart
  • Advertising Finance
  • Job Completion and Commissioning
  • Customer Rights
  • Business Requirement
  • Health and Safety

Staff/Recruitment Processes

  • Staff Recruitment Process
  • Staff Onboarding Process
  • Staff Due Diligence Process
  • Staff Training Process
  • Staff Compliance Training Process
  • Staff Development Process
  • Staff Training Plans and Training Records
  • Staff Handbook

Policies/Procedures

  • TCF – Treating Customers Fairly Policy
  • Customer Complaints Policy/Procedure
  • Complaint Root Cause Analysis
  • Financial Crime and Anti Money Laundering Policy
  • Data Protection Policy
  • Conduct Risk Assessment Policy
  • Order Policy
  • Vulnerable Customer Policy
  • Anti Slavery Policy
  • Conflicts of Interest Policy

Registers/Records

  • Non Conformance Register
  • Conflicts of Interest Register
  • Regulatory Reporting
  • Record Keeping – Types and Access
  • Customer Feedback Surveys

In summary, to sell finance in the UK is a minefield, which needs a firm to take it very seriously. The penalties for not giving it the due diligence it requires can be heavy. To ignore some of the required elements is potentially criminal.

Costs for limited permissions

FCA application fee:

£550 no VAT payable – payable when application is submitted

Our professional fees:

£1600 plus VAT – payable up front

Contact:
Email: dave@fcgltd.co.uk (Sales Director)
Tel: 0191 535 2532

DIRECTLY AUTHORISED – FULL PERMISSIONS

Consumer Credit – Full permissions application

Full permissions are required if you discuss finance face-to-face with customers in their own home.

We apply for your consumer credit full permissions with the FCA. This includes providing you with all the policies and template procedures required by the regulator. You will need to be committed to complying with the FCA regime or this is not for you.

Policies required for full permissions

Company Policies and Procedures – written

All regulated requirements including:

Business Documents

  • Complete FCA Application
  • Regulatory Business Plan
  • Consumer duty Culture
  • Customer Sales Journey
  • After Sales Process
  • Organisational Chart
  • Advertising Finance
  • Job Completion and Commissioning
  • Customer Rights
  • Business Requirement
  • Health and Safety

Staff/Recruitment Processes

  • Staff Recruitment Process
  • Staff Onboarding Process
  • Staff Due Diligence Process
  • Staff Training Process
  • Staff Compliance Training Process
  • Staff Development Process
  • Staff Training Plans and Training Records
  • Staff Handbook

Policies/Procedures

  • TCF – Treating Customers Fairly Policy
  • Customer Complaints Policy/Procedure
  • Complaint Root Cause Analysis
  • Financial Crime and Anti Money Laundering Policy
  • Data Protection Policy
  • Conduct Risk Assessment Policy
  • Order Policy
  • Vulnerable Customer Policy
  • Anti Slavery Policy
  • Conflicts of Interest Policy

Registers/Records

  • Non Conformance Register
  • Conflicts of Interest Register
  • Regulatory Reporting
  • Record Keeping – Types and Access
  • Customer Feedback Surveys

In summary, to sell finance in the UK is a minefield, which needs a firm to take it very seriously. The penalties for not giving it the due diligence it requires can be heavy. To ignore some of the required elements is potentially criminal.

Costs for full permissions

FCA application fee:

£1120 no VAT payable – payable when application is submitted

Our professional fees:

£1800 plus VAT – payable up front

Contact:
Email: dave@fcgltd.co.uk (Sales Director)
Tel: 0191 535 2532

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