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Post by simon1 on Jul 29, 2014 16:48:33 GMT
I have an interim permission to operate an electronic system in relation to lending. Does this permission allow me to collect debts arising from loans generated by the platform and enforce security taken on the lenders' behalf? Or do I need separate permissions e.g. 39F (Debt Collecting) or 39G (Debt Administration)? thanks
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Post by mrclondon on Jul 29, 2014 19:20:20 GMT
This post I created in the Useful Resorces thread has the url to access the search page of FCA Interim Permission database, and how to see the underlying permissions. If you search for any of the platforms that are discussed on this forum (remember we may know them as brand name not the underlying Ltd company name which is what you need to search on) you will see that most have several different permissions ... using the approach others have adopted is probably at good guide as to the requirments.
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Post by simon1 on Aug 1, 2014 11:42:21 GMT
Thanks very much. I agree that it is useful to look at the permissions that other platforms have. However, I don't think it's clear what the new regulated activity of "operating an electronic system in relation to lending" (which is what all P2P platforms will be applying for when it comes to full authorisation) actually covers. If you look at Article 36H of the FSMA ROA 2013, the specified activities include:
"(c)taking steps to procure the payment of a debt due under an article 36H agreement,
(d)performing duties, or exercising or enforcing rights under an article 36H agreement on behalf of the lender,"
To me, this suggests that all the additional permissions (e.g. "Consumer Credit Business" and "Debt collecting") that were required under the old CC regime will not be needed. Does you have a view on this?
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