Regulation of Consumer Credit Activities – SRA Toolkit

During December, the SRA announced that their new model for consumer credit regulation had passed the final hurdle. This means that, with effect from 1st April 2016, the majority of firms that carry on consumer credit work that is an integral part of the legal services they provide (ie credit broking, debt adjusting, debt counselling etc) will only have to be regulated by one regulator – the SRA – and the not the FCA also.

However, some firms will have to be dual-regulated (ie by the FCA and the SRA).

Recognising that firms need to check whether they are required to have dual regulation, the SRA has produced a toolkit which will determine whether the work that firms are undertaking is covered by the SRA’s regulatory arrangements or whether they need to apply to the FCA before the transitional arrangements end on 31^st March 2016.

Click on the link below to access the SRA’s toolkit, navigation tree, supporting documentation and case studies to determine whether you need to take any action before the deadline:

http://www.sra.org.uk/solicitors/code-of-conduct/financial-services-rules/regulation-consumer-credit-activities.page#slide-9