Consumer Credit Act licensing: A new era dawns

A substantial number of universities, colleges and other institutions hold CCA Licences.  As you will hopefully all know, control of how these licences are authorised and regulated is imminently to transfer from the Office of Fair Trading to the Financial Conduct Authority with effect from 1 April.  As part of the transfer process, all licence holders who wish to continue to use their licences must obtain interim permission from the FCA.  The deadline for this expires on 31 March.

Why is that important?  If you wish to continue to use your CCA licence after 1 April, but have not secured interim permission, you would be committing a criminal offence.  Any licence holder in this situation must therefore consider whether they wish to continue with their licensed activities - and if not you can let the licence lapse - or whether to put your licensed activities on hold if that is feasible until interim permission is available.

If you are in any doubt about whether anything you do requires a CCA licence, or how to deal with interim permission, please contact us.

Meanwhile, we will shortly publish a further briefing upon what the FCA will require from licence holders who have secured interim permission.  This is very much the first step towards compliance with the new regime.

Richard Ellison
Partner, Disputes Resolution Group
For and on behalf of SGH Martineau LLP
DD: 0800 763 1414
M:  1414
F: 0800 763 1001
International DD: +44 870 763 1414
E: richard.ellison@sghmartineau.com
W: www.sghmartineau.com

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