Regulation of consumer credit activities
This page is for SRA-authorised firms involved in, or considering becoming involved in, the carrying on of consumer
credit activities under Part 20 of the Financial Services and Markets Act 2000 (FSMA) as an exempt professional
firm (EPF).
Our toolkit below provides tools and resources to help SRA-authorised firms understand the regulatory requirements
and deliver consumer credit services in a compliant way.
Toolkit
Background information: reference to Part 20 and how firms can deliver FSMA regulated activities as an EPF
Find out how your consumer credit activities need to be regulated
Questions and answers
SRA Financial Services (Scope) Rules 2001 (Updated 1 April 2016)
SRA Financial Services (Conduct of Business) Rules 2001 (Updated 1 April 2016)
Find out how your consumer credit activities need to be regulated
or
Download navigation tree (PDF)
Resources and help
Professional Ethics Guidance team– call our professional ethics advisors for advice on the SRA Handbook.
Contact centre– available to help with most queries.
FCA website – see
Authorisation of consumer credit firms and
Consumer credit jargon buster.
FCA guide for consumer credit firms
Are you carrying on the activity by way of business?
Is the activity excluded by the "contentious business" exclusions?
Certain consumer credit activities, such as debt collecting, will be excluded from regulation under FSMA where
those activities are undertaken by solicitors (or other persons authorised under the Legal Services Act 2007)
in the course of providing advocacy services or litigation services. The definition of these services is
wider than the previous definition of "contentious business" and therefore would include pre-issue work.
See the
Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 for further information.
Your activity is not a regulated consumer credit activity.
Are the services being provided in an "incidental manner"?
Are you providing a particular professional service to a particular client, the regulated activities arise out
of, or are complementary to, that service?
You need to be dually authorised by the SRA and FCA.
See the
FCA website for more information.
You will need to comply with the FCA's CONC and cannot rely on Part 20 for other regulated activities
Part 20 exemption applies.
Comply with the SRA Principles, Code, SRA Financial Services (Conduct Of Business) Rules and refer to formal
guidance.
Use
www.sra.org.uk/consumercredit to link to this page.