Don't let the FCA slow down your business
From the 1 April 2014, the Financial Conduct Authority took over regulation of the consumer credit market from the Office of Fair Trading. So far, you may feel this won't affect you to any great extent, but the FCA regime is very different to that of its predecessor, and there are measures you need to take in to stay compliant. It's critical that you adopt measures which are compliant with the FCA rules as this is a statutory regulator with wide-ranging powers. However, meeting the FCA's rules needn't be something that slows your business down. In fact, you might eventually find that it has been a good catalyst to help you streamline and refine certain areas of your business.
To read this article, originally featured in Motor Finance magazine, please click here