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FCA rolls out consumer credit rebates to advisers

The FCA has started to send rebates to advisers who are being hit by interim consumer credit licence charges.

In August the Government announced a programme of rebates for advisers 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 says it sent emails and letters to most affected advisers about the rebate scheme last month.

It will automatically pay rebates from this month to eligible firms which have registered for interim permission, and to those which have been licensed by the OFT after 31 December 2013.

Other eligible firms will need to apply online by 30 June.

The FCA refused to say how much compensation is due and how many advisers will be affected.

An FCA spokesman says: “We have begun to send rebates to those that had a consumer credit licence from the OFT, which was to expire later than the end of April.”

In December the FCA revised charges for consumer credit licences, reducing the minimum charge for full authorisation from £1,000 to £600.

Aurora Financial Planning chartered financial planner Aj Somal says: “It is welcome to see the FCA processing rebates to advisers within a reasonable timescale.”

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