In recent years, there has been an unparalleled rise in retail and professional consumers seeking or being offered products or services from lending firms. This increase in demand has resulted in a surge in the number of FCA regulated firms offering these services, alongside those seeking authorisation. This sector is likely to impact most consumers throughout their lives, whether it be through consumer credit, vehicle finance, business lending, P2P or mortgages. As such, the Regulator does not take the supervision of lending firms lightly. Recent reforms to the sector have seen the introduction of the Consumer Duty as well as the outright ban of the debt packager referral fee for debt management firms. Consumer credit laws and regulations will also see changes as the UK government commits to modernise legislation which has been largely unchanged for 50 years.
All FCA regulated lending firms that provide products and services to or have any material influence on the retail market must comply with the Consumer Duty. Specifically, these firms must ensure proper governance, systems and controls and that policies and procedures are updated to meet these obligations.
Business lenders must also consider the message behind the Duty. The FCA has highlighted that lenders must treat business customers fairly, ensuring quality assurance, testing and staff training is in place, alongside clear policies and procedures to identify vulnerable business customers.
Whether you are an existing lending firm, newly applying for authorisation or are an overseas lending services provider seeking to enter the UK regulated market, at Complyport we bring together our specialist knowledge and experience of compliance, regulation and due diligence to help you navigate the increasingly complex and ever-changing regulatory environment.
We have over 22 years’ experience helping firms understand and comply with complicated regulations. Lending services providers we support include:
Our experienced team closely monitor the regulatory landscape and help our clients to maintain the highest levels of regulatory compliance.
Complyport has been able to assist well-known lending services providers to stay ahead of the curve. Contact us for further information on how we can assist you.
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