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Tenet granted consumer credit licence

Adviser network Tenet Group has been granted a full consumer credit licence by the FCA.

The firm claims it is the first network to be given full permission for consumer credit services by the regulator.

The permission allows Tenet to offer mortgage-related services such as credit broking, debt counselling and debt adjusting, credit information services and lending.

Tenet Group brands director Mike O’Brien says: “As far as we are aware, we have become the first network to become fully licensed.

“We put a lot of effort into preparing to offer this new service and anyone who thinks that varying their permissions is a straightforward procedure may be surprised.”

The FCA took over the consumer credit regulation remit from the Office of Fair Trading on 1 April, with some 50,000 firms expected to require regulatory authorisation.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Will done Tenet. it really is just a minefield for the honest hard working broker. Any indication of cost for the network member?

  2. Wow – fully licensed for what exactly? What can they do now profitably that they couldn’t do before? Answers on the back of a stamp only.

  3. Ingard Network got their Full Permissions on the 12th August and are currently making no changes to their charging structure.

  4. We're all doomed!!!!! 21st August 2014 at 3:45 pm

    Does this mean Tenet had not been able to offer mortgage-related services since April 1st then?

    And what about all the other Networks, who have yet to obtain their licence.

    I’m a little confused here….

  5. God help us…..yet another tool to allow Tenet to operate as they do !!!!
    ENOUGH SAID

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