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Compliance Tip of the Week: Check the validity of your Consumer Credit Licence

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Question: I registered for an interim consumer credit licence at the start of March and received confirmation from the Office of Fair Trading that it was all in place. However, I received a letter from the Financial Conduct Authority last week with the heading, Your Consumer Credit Licence Has Now Expired. Should I just ignore it?

Answer: We have heard this week that some of the data passed to the FCA by the OFT during the transition of regulation of the CCL needed to be “tidied up”, resulting in some firms receiving these letters erroneously. 

However, I would always recommend erring on the side of caution and double-checking rather than just ignoring the letter.

It is a very simple process to check the Consumer Credit Register, which you can access through the FCA website. 

If you do not see your firm on the register or you have any other questions in this area, you should contact the FCA on 0845 606 9966 or at firm.queries@fca.org.uk as soon as possible.

Aileen Lynch is head of technical at Compliance First 

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