News release

Extension to consumer credit transitional provisions agreed

The Solicitors Regulation Authority (SRA) has secured agreement with the Financial Conduct Authority (FCA) to extend the transitional arrangements for consumer credit work.

The FCA took over regulation of consumer credit work in 1 April. Law firms carrying out consumer credit work and who were originally covered by the Law Society's group licence therefore had to look again at their authorisation. As part of this, transitional arrangements were put in place for law firms affected by the shift in regulators until 30 September 2014.

The SRA has since worked with the FCA to secure an extension, and the FCA has now agreed to run the transitional period until 1 April, 2015.

Crispin Passmore, SRA Executive Director for Policy, said:

We have worked together with the FCA on this matter and we have agreed on a six-month extension to the transitional period. This gives us the opportunity to continue to work with the FCA in relation to the rules that will apply to SRA regulated firms under Part 20."
 
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