Callcredit receives FCA authorisation
Callcredit Information Group, one of the UK’s leading credit reference agencies and consumer data management specialists, is pleased to announce that its wholly owned subsidiaries Callcredit Limited and Callcredit Consumer Limited have achieved full Financial Conduct Authority (FCA) authorisation.
In April 2014, the consumer credit industry, including credit reference agencies, saw a change in regulator from the Office of Fair Trading (OFT) to the FCA. At the time, companies were granted interim permissions and were allocated a 'landing slot' where they could apply for full FCA authorisation.
The Callcredit Information Group subsidiaries were allocated a Q1 2016 application slot and since this date we have been working with the FCA on progressing to full authorisation.
The authorisation process involved the Group companies demonstrating they had in place robust business plans, risk management frameworks, and had adequate systems and processes in place to support fair consumer outcomes. In addition, the companies were required to propose a number of senior figures as “Approved Persons” under the FCA regime.
Commenting on the announcement, Mike Gordon, CEO, Callcredit Information Group, said: “This is an important milestone for the Group and a key element to ensuring we deliver on our ongoing growth strategy. Full FCA authorisation means we now mirror a growing number of our clients who are also transitioning from the initial interim permissions themselves.
“As a business we are and we remain committed to the highest operating standards and a relentless focus on doing what is right for the consumers whose data we hold, and for our clients. We will continue to work hard in maintaining these standards, further enhancing our business model to ensure that it remains fit for purpose and so that we can continue to meet the expectations of consumers, our clients and our regulator.”