SIC 64.91 250 enterprises in the UK
Financial leasing
What this covers (1 activity descriptions)
- Financial leasing
What you must comply with
Unique to financial leasing
FCA consumer credit authorisation (consumer leasing)
Consumer hire agreements regulated under CCA 1974. FCA authorisation required since April 2014. B2B-only lessors may be exempt if no consumer activity.
Consumer Credit Act compliance (hire agreements)
Pre-contract information requirements, proper execution of agreements, right to terminate hire agreements (s.101 CCA), adequate explanations. Non-compliant agreements may be unenforceable.
Applies to all other financial service activities, except insurance and pension funding
FCA authorisation under FSMA 2000
General prohibition: criminal offence to carry on a regulated activity without authorisation (s.19). Up to 2 years imprisonment and/or unlimited fine (s.23). Application typically takes 6-12 months.
Anti-money laundering compliance
Must appoint MLRO, conduct business-wide risk assessment, implement CDD procedures, screen against sanctions lists, file SARs. Records retained for 5 years from end of business relationship.
Senior Managers and Certification Regime
Senior managers require FCA approval. Certification staff assessed annually for fitness and propriety. Conduct rules apply to almost all employees.
Financial promotions compliance
Restriction on financial promotions: must be approved by authorised person or fall within exemption. FSMA 2023 introduced FCA gateway for approving promotions by unauthorised persons.
Complaints handling (FCA DISP)
Must have written complaints procedure, acknowledge within 5 business days, resolve within 8 weeks. Unresolved complaints may be referred to Financial Ombudsman Service. Biannual complaints reporting to FCA.
Data protection (financial data)
Must register with ICO. Financial data is sensitive — enhanced security and breach notification requirements. Subject access requests must be handled within one month.
FCA Consumer Duty (Principle 12)
Effective 31 July 2023 (new/existing products), 31 July 2024 (closed products). Four outcomes: products and services, price and value, consumer understanding, consumer support. Annual board-level assessment required.
Guidance for this activity
Cyber security for financial services firms
FCA operational resilience requirements for cyber security, including the 31 March 2025 compliance deadline, SM&CR responsibilities for cyber risk, third-party outsourcing requirements, and preparing for DORA-style regulations.
Read guideAccess the Lloyd's of London insurance market
How to participate in the Lloyd's insurance market. Covers routes to market (managing agents, coverholders, brokers), capital requirements under Solvency UK, and FCA conduct rules including general insurance pricing practices.
Read guideFCA Consumer Duty: compliance requirements
How to implement the FCA Consumer Duty in your firm. Covers the four outcomes (products/services, price/value, consumer understanding, consumer support), cross-cutting rules, governance requirements, and practical implementation steps for delivering good outcomes to retail customers.
Read guideUse FCA innovation services to test and launch fintech products
How to use the FCA's innovation support services including the Regulatory Sandbox, Digital Sandbox, and Innovation Pathways. For fintech firms developing new financial products who need regulatory guidance or want to test with customers before full authorisation.
Read guideGet FCA authorisation for financial services
How to apply for Financial Conduct Authority authorisation to carry on regulated financial activities. Covers the application process, fees, capital requirements, and ongoing compliance obligations including Consumer Duty.
Read guidePrepare for Buy Now Pay Later regulation
How Buy Now Pay Later providers should prepare for FCA regulation. Covers the current exemption under Article 60F(2), expected 2025-2026 legislative changes, and what authorisation requirements may involve.
Read guidePay Stamp Duty Land Tax (SDLT)
When and how to pay SDLT on property purchases in England and Northern Ireland, including rates, reliefs, and deadlines.
Read guidePay stamp duty on shares
How to pay stamp duty or SDRT when buying UK company shares, including rates, exemptions, and the stamping process.
Read guideUnderstand property transaction taxes
Overview of SDLT, LBTT, and LTT -- the three separate property transaction taxes across the UK. Covers rates, thresholds, reliefs, filing processes, and penalties for England/Northern Ireland, Scotland, and Wales.
Read guideUnderstanding UK consumer credit regulation
What consumer credit regulation is, why it exists, and who it applies to. Covers the relationship between the Consumer Credit Act 1974, the Financial Services and Markets Act 2000, and the FCA's CONC sourcebook, including when FCA authorisation is required and when exemptions apply.
Read guideMeet pre-contract disclosure requirements for credit
How to provide the required pre-contract information to borrowers before entering a consumer credit agreement. Covers the SECCI form, adequate explanations duty, creditworthiness assessments, APR disclosure, and agreement execution requirements.
Read guideUnderstand how the Consumer Duty applies to credit products
How the FCA Consumer Duty applies to consumer credit providers, brokers, and debt collectors. Explains the four outcomes for credit products, the annual board report requirement, how the Duty interacts with existing CONC rules, and current FCA supervisory priorities.
Read guideConduct and document affordability assessments for consumer credit
How to conduct, evidence, and document affordability assessments when lending to consumers. Covers the distinction between creditworthiness and affordability, income verification, expenditure analysis, proportionality, vulnerable customers, and the Consumer Duty overlay for credit products.
Read guideComply with debt collection rules
How to collect consumer debts compliantly under FCA rules. Covers CONC 7 requirements for arrears and default handling, forbearance obligations for customers in financial difficulty, default notice requirements, communication standards, vulnerable customer identification, and enforcement restrictions for improperly executed agreements.
Read guideFCA authorisation for insurance brokers
How to get FCA authorisation as an insurance intermediary. Covers Insurance Distribution Directive requirements, permission types, professional indemnity insurance, capital requirements, and Appointed Representative arrangements.
Read guideHandle consumer credit complaints and the Financial Ombudsman
How to set up internal complaints handling for consumer credit, meet the 8-week resolution deadline, issue final response letters, and prepare for Financial Ombudsman Service (FOS) referrals. Covers FOS jurisdiction, award limits, case fees, common credit complaint categories, and root cause analysis requirements.
Read guideMeet FCA threshold conditions for authorisation
Understand and demonstrate compliance with the five statutory threshold conditions required for FCA authorisation under Schedule 6 of FSMA 2000. Covers location of offices, effective supervision, appropriate resources, suitability, and business model requirements.
Read guideRunning a crowdfunding or P2P lending platform
How to get FCA authorisation to operate a loan-based (P2P) or investment-based crowdfunding platform. Covers capital requirements, investor restrictions, client money rules, and wind-down arrangements.
Read guideSection 75 claims and connected lender liability
What Section 75 of the Consumer Credit Act 1974 means for lenders, card issuers, and retailers. Explains how connected lender liability works, the GBP 100 to GBP 30,000 threshold, which agreements qualify, what does not apply, how claims work in practice, and the difference from voluntary chargeback.
Read guideComply with high-cost short-term credit rules
Additional compliance requirements for firms providing high-cost short-term credit (HCSTC), including the price cap regime, enhanced affordability assessments, mandatory risk warnings, repeat borrowing interventions, and persistent debt rules for credit cards.
Read guide