SIC 64.92 1,765 enterprises in the UK
Other credit granting
What you must comply with
Unique to other credit granting
FCA consumer credit permission
All consumer credit lending requires FCA authorisation. Transferred from OFT to FCA in April 2014. Includes personal loans, credit cards, store credit, payday lending, peer-to-peer lending platforms.
Creditworthiness assessment obligation
Must assess creditworthiness before entering credit agreement (s.55B CCA). FCA CONC sourcebook sets detailed requirements. Must not lend irresponsibly.
Pre-contract credit information (SECCI)
Standard European Consumer Credit Information form must be provided before agreement. Includes APR, total amount payable, right of withdrawal.
Annual statements to borrowers
Must provide annual statements for running-account credit (s.78) and fixed-sum credit (s.77A). Must respond to s.77-79 information requests within 12 working days.
Arrears and default notice requirements
Must issue arrears notices (s.86B/C) and default notices (s.87) in prescribed form. 14-day remedy period for default notices. FCA CONC 7 requires forbearance for customers in financial difficulty.
High-cost short-term credit price cap
Payday lenders only: 0.8% per day interest cap, total cost cap of 100% of amount borrowed, default fee cap of £15. FCA CONC 5A. Applies to agreements of 12 months or less duration.
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.
Operational resilience requirements
FCA PS21/3: firms must identify important business services, set impact tolerances, and remain within tolerances by 31 March 2025. Ongoing self-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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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