Consumer Credit – what do I need to do now?

Is there anything to worry about? Whether you’re new to Consumer Credit regulation, or whether you’re new to the FCA regulatory environment, you have a multitude of changes ahead.  There’s nothing to worry about, as long as you plan ahead and put the work in to ensure that your firm is a solid structure with excellent documented systems and controls in place and the right expertise to help you where and when it’s needed.

The first step – your Business Plan If you haven’t done anything yet, start to consider your Business Plan.  A Business Plan for submission to the FCA is not entirely the same as the Plan that you would submit to your business bank manager.  The FCA is looking for you as a firm to acknowledge and understand the regulatory environment and to encompass this as the very foundation of your thinking.

Can I use a generic template? Whether you are the owner of a small or large firm, you will not be expected to submit a plan that is clearly not designed for your business.  Templates are fine in terms of use as a skeletal structure; to get you thinking and to get you started in committing pen to paper, but that’s all.  This is your business and your own vision and projection of how the business stands currently and how it is envisaged to grow over time. So, give it time. The time that you spend now will be invaluable later on, when you revisit and review your business Plan on a regular basis.  It is ultimately a working document that will help you to keep focused on your goals and provide a springboard for discussion amongst senior management on a regular basis.

Why is this important and what should I do now? The FCA is keen to understand your business and in reviewing your Business Plan, it should be able to gain a clear picture about your business.  Read the FCA website and follow its guidance on what to include.  You may already have the required content in writing so now is the time to ask yourself what your staff think about it.  Do they understand it? Do you invite them to contribute their opinions? Do they have any questions about the current content? Do they have any suggestions on how to improve it? If you’d like any additional guidance on writing your Business Plan, we’re happy to chat through our thoughts with you, so please feel free to give us a call or drop us a line via our website

Julie Ampadu.

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