Organisations giving money advice must hold Financial Conduct Authority (FCA) permissions, unless exempt from authorisation.
With around 1,800 members in a range of roles across the sector, we are unable to provide specific advice regarding an individual organisation’s particular authorisation requirements.
As an IMA member, it is your responsibility to ensure you are appropriately authorised for the activities you undertake.
If your organisation is providing money/debt advice to clients, this is a regulated activity and FCA permissions are required. Those permissions may include:
Debt Adjusting– this activity comprises the following, in relation to debts due under a credit agreement or consumer hire agreement:
(1) negotiating with the lender or owner, on behalf of the borrower or hirer, terms for the discharge of a debt;
(2) taking over, in return for payments by the borrower or hirer, that person’s obligation to discharge a debt; or
(3) any similar activity concerned with the liquidation of a debt.
(1) giving advice to a borrower about the liquidation of a debt due under a credit agreement;
(2) giving advice to a hirer about the liquidation of a debt due under a consumer hire agreement.
Credit Information Services
(1) ascertaining whether a credit information agency holds information relevant to the financial standing of an individual or relevant recipient of credit;
(2) ascertaining the contents of such information;
(3) securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information;
(4) securing that a credit information agency which holds such information—
(i)stops holding the information, or
(ii)does not provide it to any other person.
For a full definition of ‘credit information agency’, please refer to the FCA website.
Please note that, depending on the activities carried out by your organisation, different permissions might be required. Further information on FCA regulated activities can be found on the FCA website, or by contacting the regulator directly. If in doubt, your organisation should seek legal advice.
Our FCA Compliance and Quality of Advice training course may assist you considering your organisation’s FCA authorisation requirements.