This consultation seeks views on the SRA proposal to withdraw from the Financial Conduct Authority’s (FCA) Designated Professional Body (DPB) regime for the purposes of consumer credit activities.
This means that SRA-authorised firms carrying on any regulated credit activities would need to apply to the FCA for authorisation rather than being able to rely on the Part 20 exemption set out in the Financial Services and Markets Act 2000 (FSMA). Read the full text of the consultation.
Following this consultation, the SRA decided to ask for another extension to the transitional arrangements for regulation of consumer credit activities, which the FCA agreed to. The transitional period, previously due to end on 1 April 2015, will now run until 31 October 2015. Please see the SRA press release.
- PDF, Size 60.33 kb