Second charge lender receives FCA authorisation

Based in Yorkshire and Rutland, the firm provides second charge finance from £5,000 to £30,000.

Historically the firm has worked with a small group of introducing brokers who carry out the sales process, sourcing the customers and packaging the documentation, passing completed applications to LSC for review, underwriting and pay-out.

Andrew Cummine, MD of Lesley, Stephen & Co. Limited, commented:

“The FCA’s decision to authorise LSC as a Home Finance Provider is a testament to the hard work we put into the application process, which ran over many months.

"Our company ethos has always been to treat customers fairly focusing heavily on affordability aiming to ensure applicants can afford to repay the loans. The original aim was to build and prove a highly-customer-focused niche lending business model post-credit crunch that would help consumers, and once proven, could be compliantly grown with external funding.

"Our company now has substantial funding lines in place with major banks which will allow us to grow considerably in 2016, and we have recently engaged with a number of the larger brokers to increase distribution of our products.

"FCA authorisation now means that we can forge ahead with our expansion plans in the knowledge that the regulator is satisfied with our processes, our products and the way in which we treat customers."