Tenet launches consumer credit compliance service

Following a review of a firm’s activities, Tenet will then confirm its recommendation in a detailed management report, offering a clear and fair opinion as to whether the firm requires authorisation for consumer credit and if so, which FCA permissions it needs.

Earlier this week the Financial Conduct Authority warned firms that if they do not apply for consumer credit authorisation by the time their interim permission lapses they must cease consumer credit activities immediately.

For many firms, the deadline is the 31st December which is now pressing, given the amount of time it takes to prepare the relevant application. Additionally, according to the FCA, 28% of firms authorised on an interim basis for consumer credit do not have the correct permissions.

In reality, Tenet believes that most financial advisers do need authorisation, but it is not always clear to firms which FCA permission they actually require.

Distribution and development director, Helen Turner, comments:

“Tenet has over twenty five years compliance consultancy experience and its network businesses were the first major distributors to achieve full FCA authorisation for consumer credit activities. Tenet aims to provide regulatory certainty to financial advisers that undertake commonplace activities such as arranging Buy to Let mortgages, advising clients to repay debts, or helping their clients to understand their personal credit report.”