FCA has warned full permission firms with debt adjusting or debt counselling permissions with “no debt management” limitations that they should review the limitations to check they are appropriate. It says the limitation is not appropriate for firms that, for example, settle and refinance customers’ existing debts, as this would be likely to be a “debt solution”, the provision of which can fall within FCA’s definition of “debt management activity”. Some firms may in fact benefit from one of six new standard limitations, which can limit activities to particular business (brokering of asset finance or vehicle finance, or broking unsecured loans for businesses). If firms need to change their limitations, they should apply for a VOP – FCA will process applications within 28 days and there is no fee. However, there will be ongoing compliance requirements for the new limitations.
Welcome to FIN.
FIN. User Guide
Use FIN. to suit your needs – browse the categories at the top of this page, or look through the archives below. You can also search for specific news items, or review by popular tags.
FIN. is updated on a regular basis. Also, we send our mailing list an email once a week with a round up of what’s been happening.
About Womble Bond Dickinson
"Womble Bond Dickinson", the “law firm” or the "firm" refers to the network of member firms of Womble Bond Dickinson (International) Limited, consisting of Womble Bond Dickinson (UK) LLP and Womble Bond Dickinson (US) LLP. Each of Womble Bond Dickinson (UK) LLP and Womble Bond Dickinson (US) LLP is a separate legal entity operating as an independent law firm. Womble Bond Dickinson (International) Limited does not practice law. Please see www.womblebonddickinson.com/legal-notices for further details. womblebonddickinson.com