Member Article

New business rolling in for Harrogate compliance firm after only 1 year

Harrogate-based firm Consumer Credit Compliance is celebrating being hired by more than 250 firms after only one year in business, and is looking to expand with a recruitment drive.

Changes to the way the consumer credit industry is regulated has seen the numbers stacking up for the firm, which is based in Harrogate’s Windsor House.

Its clients now include national car dealerships, cosmetic surgery clinics and credit brokers for which they handle new, compulsory licence application submissions.

Last April, regulation of the consumer credit industry was taken out of the hands of the Office of Fair Trading (OFT) and given to the Financial Conduct Authority (FCA).

It has now introduced a raft of new rules that companies operating in the consumer credit industry have to adhere to in addition to instigating a new licensing scheme.

Ian Beardmore said: “When the Government first announced it was changing the body that regulates consumer credit I saw an opportunity.

“I spoke to David Petty, a friend and IT expert, about my vision, and, together, we launched Consumer Credit Compliance last January.

“Applying for the new licence is an incredibly complex task and one that can take several months of hard work before it is ready to be submitted to the FCA.

“And, once submitted, there is no guarantee the FCA will grant the licence. However, saying that, we have had a 100% success rate!

“If a company does not submit a licence application within an allotted timescale then it will no longer be able to lawfully offer credit, he added.

This was posted in Bdaily's Members' News section by Clare Burnett .