Regulatory AlertsPS14/18: Credit broking and fees
The FCA introduced rules effective 2 January 2015 to address consumer risks arising from credit brokers charging upfront fees. The regulations ban fee-charging unless strict transparency requirements are met, including clear disclosure of identity, fees, and payment terms. Additionally, brokers must notify the FCA quarterly of their websites, display their legal name in all communications, and clarify their status as brokers rather than lenders in advertising.
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