Tenet granted consumer credit licence

The group can now extend their network proposition to include a range of consumer credit services, including credit broking, debt counselling & debt adjusting, credit information services and lending.

Responsibility for regulating the consumer credit industry transferred from the Office of Fair Trading to the Financial Conduct Authority on 1 April 2014.

There are an estimated 50,000 firms that will require FCA authorisation for consumer credit-related services, many for the first time - from debt management firms and insolvency practices, to motor dealers and pawn brokers.

Group brands director, Mike O'Brian, explained that the facility is designed for firms where consumer credit activities are incidental to giving mortgage, insurance or investment advice.

He added:

“As far as we are aware, we have become the first network to become fully licensed.

“Our ability to simplify the process and significantly lower the cost of authorisation underlines the benefit of belonging to a network.

“We put a lot of effort into preparing to offer this new service and anyone who thinks that varying their permissions is a straightforward procedure may be surprised.”