I foresee absolute carnage ahead in the unsecured loan sector.
Previously, loan brokers were authorised by the OFT but now, all brokers who play in the secured and unsecured loan field have to be regulated and authorised by the FCA. So what I hear you say.
Well, it means that lots of brokers won't become authorised because:
Previously, loan brokers were authorised by the OFT but now, all brokers who play in the secured and unsecured loan field have to be regulated and authorised by the FCA. So what I hear you say.
Well, it means that lots of brokers won't become authorised because:
- It is too expensive - either direct authorisation or as an Appointed representative.
- They won't meet the new requirements
- They don't do enough business to warrant being authorised