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FCA pays out £19.3m in consumer credit rebates

The FCA has paid out £19.3m in rebates to firms being hit by interim consumer credit licence charges.

In August the Government announced a programme of rebates for firms affected by the transfer of consumer credit regulation from the Office of Fair Trading to the FCA in April 2014.

It means many advisers who had already paid for “indefinite” licences with the OFT were asked to pay up to £350 for interim permissions to the FCA.

The FCA, which is administering the scheme, began paying rebates to affected firms in January.

In an update today, the regulator says 40,575 cheques with a total value of £19.3m have been issued to date.

A spokeswoman for the FCA says it cannot confirm how much of this has been paid to advisers, nor how much will be due in total.

The FCA says 45,823 firms out of an estimated 51,528, equating to 89 per cent of firms, have now registered for interim consumer credit permission.

The regulator’s latest available figures for financial advisers show that as at 23 February, 8,658 advisers – 58 per cent of the 14,928 advisers who currently hold an OFT licence – had applied for interim permission.

Any firm with an OFT consumer credit licence that plans to continue providing credit to customers must register for interim permission with the FCA by 31 March.

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  1. How about some rebates of the £118m we were overcharged by the FSA over a period of five years?

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