Each consumer credit business has been allocated an application period of three months to make their submission before the interim period ends on the 31 March 2016. If a consumer credit business misses its three month period, it will be forced to cease all consumer credit activity for up to 12 months until the FCA grant their FCA application. If your company is near the end of its period, we recommend you consult the FCA guidance on allocation periods
, which provides advice on possible means by which you may extend this period.
For more information please contact our Regulatory Compliance team for further advice.