Poll
FLA welcomes FCA’s plans to improve authorisation process
The Finance & Leasing Association (FLA) has welcomed the Financial Conduct Authority’s (FCA) decision to improve the authorisation process for consumer credit firms.
The FCA revealed that between 1st April 2014 and 31st March 2016 it had received nearly 37,000 applications for authorisation from consumer credit firms.
The regulator said it has already closed 87% of these applications and was on track to complete almost 99% of them by the end of September.
Following feedback from firms, the FCA has now decided to introduce five new commitments to firms applying for authorisation.
The first change will see the FCA tell a firm as soon as their application has been assigned to a case officer so that all communication can be handled by this person.
Second, it assured firms that all communications from them would be acknowledged within two working days.
Third, a response will then be given within 10 working days and where this is not possible an update will be sent within the 10 working day period telling the firm when they should expect a substantive response.
Fourth, firms will be given clear deadlines when they are asked to submit additional information.
The final change will see applicants receive an update from the designated case handler on the current status of their case at least once a month.
Stephen Sklaroff, director general of the FLA, welcomed these changes by the FCA to improve the authorisation process.
“We have been discussing with the FCA our members’ concerns over aspects of the authorisation process, and we welcome today’s announcement by the FCA of a set of commitments designed to improve the process and ensure better communication with applicants.”
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