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FCA reviews its approach to secondary consumer credit brokers

What has happened? 

In November 2023, the FCA announced that it had recently reviewed its interpretation of the consumer credit legislation for Limited Permission secondary credit brokers (that is, firms for which credit broking is not their main business, such as yacht brokers), and specifically, how the legislation applies to credit broking firms whose main business activity is the supply of non-financial services.

What are the key points of the FCA review?

As part of this review, firms that are authorised as Full Permission credit broker firms may now be eligible to become authorised as Limited Permission firms, depending on what activities they undertake.

If, as a result of this review, firms are eligible to change from Full to Limited Permission, they may be entitled to a refund of a proportion of their past regulatory fees.

Firms can use the decision tool on the FCA website for further information about whether they may be impacted by this review – see details here.

Also, the FCA has recently released some updated web pages for consumer credit and mortgage brokers as well as lenders and hirers. These can be found here.

How can we help you? 

Thistle Initiatives has supported credit brokers for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as-and-when, our team of specialists can serve as your right hand in meeting and complying with FCA regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.

Are you looking for help with your credit broking arrangements, or more general regulatory questions? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 020 7436 0630 or sending an email to