McManus Kearney Solicitors have obtained Interim Permission from the Financial Conduct Authority (FCA) to carry on consumer credit activities.
As of 1st April 2014 the Financial Conduct Authority (FCA) became the new regulator for consumer credit following the cessation of the Office of Fair Trading (OFT). One of the major changes that the FCA has introduced is to abandon the group licence regime that the OFT previously employed which in turn allowed firms of solicitors in Northern Ireland to engage in consumer credit activities under the umbrella of the Law Society’s group licence and without having to have in place their own separate consumer credit licence.
When the Law Society’s group licence was removed, McManus Kearney Solicitors, who are based in Belfast city centre in Northern Ireland, took the immediate view that in order to continue to be able to provide their finance house clients with a high standard of legal assistance and representation it was imperative to obtain the necessary Interim Permission from the FCA and this was duly granted earlier this year (Interim Permission Reference No. 664942).
According to the register held by the FCA, McManus Kearney Solicitors are the only firm of solicitors in Northern Ireland who have obtained such Interim Permission from the FCA. The FCA’s Interim Permission Consumer Credit Register can be accessed as follows:
There can be serious implications for any organisation engaging in consumer credit activities without a licence when a licence is required as this is a criminal offence.
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