From 1st April loan brokers will be required to verify that all introducers for regulated secured loans have their interim FCA permissions.
I don’t want to scare brokers away from secured loans but there has never been a more important time to ensure a few basics are reflected upon and corrected.
From April there is a requirement that brokers who introduce secured loans to master brokers must have their CCL / FCA interim permissions in place.
You should well know by now that the FCA is taking over the secured loan sector in April but it is clear that some brokers have given this more thought than others.
There are a number of things which should be on your initial tick list to keep compliancy when offering Secured Loans after April.