The Law Society has issued a Practice Note for any solicitors and their firms who wish to apply consumer credit activity.
This Practice Note clarifies the current regulations necessary for carrying out consumer credit activity. It points out that since 1 April 2014, group licensing and standard consumer credit licenses are no longer approved and now solicitors must adhere to FCA (Financial Conduct Authority) regulations; there will be no equivalent group authorisation available under the new regime. The Practice Note also gives advice about when you can carry out consumer credit activities, exemptions, getting permission and transitional arrangements and what to consider when undertaking consumer credit activities.
If you wish to find out more, click here to view the full Practice Note (updated 16 October 2014).