Interim permissions for D/As and A/Rs – latest update
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The following is a direct extract from an email sent out today to all Secured Loan Master Brokers by one of our lenders. If you are still sat on the fence about interim permissions, this may help.
Any firm that refers a customer to you (as the Secured Loan Master Broker) for the purposes of consumer credit, will also need to hold the appropriate FCA permission from 1st April 2014.
An 'Introducer only' status does not exist for consumer credit. The introduction of an individual who wishes to enter into a credit agreement is a regulated activity for which the FCA requires a Credit Brokering permission to be in position.
Even if a firm that refers customers to you is FCA authorised for mortgages, pensions, investments etc. they will need to hold FCA interim permissions for Credit Brokering on the 1st April 2014 or they cannot refer the customer to you.
From 1st April loan brokers will be required to verify that all introducers for regulated secured loans have their interim FCA permissions. If you don’t think you will have them, call Promise on 01902 267443 so we can explore options for you – time is now very short
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