OFT To Stop Regulating Consumer Credit Licences

As per the title, the OFT is to stop registering CCL's. From April 2014 this will now be done by the Financial Conduct Authority. Companies have from Sunday 1st September until April to register.

Attached is a copy of the letter I received in July to change my charity's CCL over.

[charitynjw]

Re: OFT To Stop Regulating Consumer Credit Licences

Hi labman,

In your opinion, will the FCA be more rigorous than the OFT in their approach to offenders?

[labman]

Re: OFT To Stop Regulating Consumer Credit Licences

It would be good to think so, but the sceptic in me says this is an area that generates huge amounts of money for the government, and having the licensee regulating itself can never be a good thing.

Everyone is going to have to reapply for their licence over a phased period. There is huge unrest and dispute between the big players in the free DMP sector at present which is not very public. It would be good to see certain "free" providers not being able to receive money from financial institutions to disincentivise their tendency to push consumers down the most profitable path rather than the most appropriate path.

I worry for the smaller players like me, too, as increasingly it is hard to operate on a small scale.

Heftier sanctions would be great, but I'll believe it when I see it.