FCA publishes guide for smaller credit brokers

The FCA has published a guide intended for smaller credit brokers to understand what is required of them, and is aimed at both full permission and limited permission firms, and also those appointed as ARs or IARs for credit broking.

The guide includes sections on:

• running the business – including a summary of the Principles and the Consumer Duty and with some examples of good practice;
• promoting the business and finding customers;
• dealing with customers – including guidance on spotting unsuitable or unaffordable lending;
• making sure the right people are in the right roles;
• what checks a business needs to have in place – including a short checklist of what firms need to be sure they can deal with;
• handling complaints;
• updating the FCA and the key reporting forms;
• how FCA supervises firms; and
• using ARs – including how to supervise them.

The FCA says it welcomes feedback on how helpful firms find the guide.