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Posted 23 May 2014
by Paul Kelly

Consumer credit licensing regime

The responsibility for the regulation and control of consumer credit licensing was transferred from the Office of Fair Trading (“the OFT”) to the Financial Conduct Authority (“the FCA”) with effect from 1 April 2014.

Under the FCA regime all park owners who carry out regulated consumer credit activities must be authorised to do so. “Regulated consumer credit activities” include transactions such as hire-purchase agreements, consumer hire and consumer credit lending. Any park owners who carry out regulated consumer credit activities without authorisation will be in breach of the FCA regulations and may be subject to criminal proceedings.

Any park owners who had a consumer credit licence under the OFT regime and registered with the FCA for interim permission before the 31 March 2014 will not be required to obtain authorisation until the FCA requests.

Any park owners who did not obtain interim permission before the 31 March 2014 will no longer have a consumer credit licence and will need to obtain authorisation before continuing to carry out regulated consumer credit activities.

If you have any questions about whether you require authorisation from the FCA contact the parks team on telephone 01392 207020 or email parks@tozers.co.uk

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About the author

Paul Kelly

Partner

Paul is the managing partner of the firm