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Update on FCA activity

Update on FCA activity

The final FCA authorisation period for interim permission holders closed on 31st March, but it will be another year before all applications have been determined. You can check the current status of trading partners by using the Financial Services Register and the Register of Interim Permissions.

We are still awaiting further details on two of the FCA’s main pieces of work this year. A number of dealer groups and lenders have contributed to the regulator’s work on creditworthiness and affordability. The results of the research, and a consultation on any proposed rule changes, are expected in the coming months. The regulator also intends to do more work to better understand the relationship between intermediaries and lenders, including in relation to commission and remuneration structures.

Following the FCA’s occasional paper on consumer vulnerability last year, the FLA and the UK Cards Association have jointly commissioned research to explore, develop and share best practice on identifying and assisting vulnerable customers – a relevant topic for SAF users which we will keep you updated on.

Elsewhere, the recent Budget announcement confirmed that regulation of Claims Management Companies (CMCs) will transfer from the Ministry of Justice to the FCA. We welcome the Government’s decision to ask the FCA to apply such a regime so that CMC customers can be confident of fair treatment.