TENET FIRST TO ANNOUNCE CONSUMER CREDIT AUTHORISATION
21 August 2014
In a move that they believe puts them ahead of the field, Tenet has today been granted full permission for consumer credit services by the FCA.
The group can now extend their network proposition to include a range of consumer credit services, including credit broking, debt counselling & debt adjusting, credit information services and lending.
“As far as we are aware, we have become the first network to become fully licensed,” claimed group brands director, Mike O’Brien, who explained that the facility is designed for firms where consumer credit activities are incidental to giving mortgage, insurance or investment advice.
He went on: “Our ability to simplify the process and significantly lower the cost of authorisation underlines the benefit of belonging to a network.
“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.”
Responsibility for regulating the consumer credit industry transferred from the Office of Fair Trading to the Financial Conduct Authority on 1 April 2014.
There are an estimated 50,000 firms that will require FCA authorisation for consumer credit-related services, many for the first time - from debt management firms and insolvency practices, to motor dealers and pawn brokers.
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