FCA authorisation

Any business wanting to offer interest bearing retail finance products or terms longer than 12 months legally have to apply for, and acquire, the correct Financial Conduct Authority (FCA) authorisation.

If you wish to offer 0% finance up to 12 months you do not need FCA authorisation.

FCA authorisations cost £500 to apply for and then there is an annual fee based on the amount of income derived from financed sales. A typical ACT member should expect to pay between £250-£750 per annum for their FCA authorisation.

Managing your FCA authorisation

Any business that has an FCA authorisation for Secondary Credit Brokering (retail finance) will be required to submit information to the FCA on an annual, biannual or quarterly basis. Most ACT members will be in the annual category.

Failure to submit information to the FCA within the given timeframe will result in fines.

For secondary credit brokering there are two main FCA submissions, CCR007 & CCR008.

2024 improvements to the application process

The FCA have created a new online Form A that makes the process easier to navigate and cuts down on the need for unnecessary engagement with applicants.

You can read more about the changes they’ve made to Form A here (used for Senior Manager and Controlled Function applications).

Click here for more information on the changes they’re making to make it easier for you to complete Authorisation applications.

Did you know? Our membership team will help you with your FCA application.

Just give the team a call on 01273 427 700.

For further information visit the FCA website.