Tenet gains consumer credit authorisation

The firm will now be able to provide services such as credit broking, debt counselling & debt adjusting, credit information and lending. The FCA assumed responsibility for regulating the consumer credit industry from the Office of Fair Trading in April this year. As a result an estimated 50,000 financial services firms require FCA authorisation for consumer credit-related services, many for the first time, Tenet warned. Advisers will need a consumer credit licence if they stray into the remit of the licence through other activities, such as advising on mortgages, insurance or inves...