Changes to the consumer credit licence

Changes to the consumer credit licence
18th March 2014 Team CSF
Changes to the consumer credit licence.

Changes to the consumer credit licence

For holders of a consumer credit licence (CCL) or those accepting or intending to accept settlement or part settlement for goods from a financial institution, then you will need to take action. Here are the important bits:

  • All firms who hold a current CCL will only be able to trade under their existing CCL until the 31 March 2014. All CCLs expire on this date at midnight. All firms who wish to continue licensable activities after 31 March 2014 need to register with the FCA now for Interim Permission. More information on registering for Interim Permission is available on the FCA website.
  • If your business sells goods or services on credit, you almost certainly need to be licensed. This includes selling goods that are financed. If you haven’t already got a licence, then you need to apply through the FCA.
  • You don’t need to have a qualified individual in the business or take any exams unless you intend to sell and organise finance


So, most car dealers will need to ensure they have a valid CCL. Your CCL will run indefinitely with a five yearly review. If you think that you may sell a car to a customer who needs or wants finance, then we would consider the CCL to be a worthy investment. With the classic car industry in the UK now worth over £4.5 billion it’s no surprise that most dealers will want to have one and with the growth in owners and collectors seeking intelligent funding options rather than payment by cash a consumer credit licence is an important part of your business.


If you need advice, want to understand the benefits of offering car finance or need help related to understanding the changes to the regulations, new applications or existing licences please feel free to get in touch with Rob Johnson on 01869 351512 – we’re here to help.

* This is our opinion of the current situation regarding Consumer Credit Licence regulation . We’re here to help and advise but please note that we accept no liability related to any issues you may have with your consumer credit licence! Please get in touch with the FCA for full details and information.