Places for People receives FCA authorisation
Applying to consumer credit permissions, the FCA authorisation means that Places for People Financial Services can continue to directly lend unsecured personal loans and administer certain types of secured lending for its customers as it meets the industry standards for compliance.
Victoria Drummond, operations manager for Places for People Financial Services, said: “We are very pleased to receive our full FCA authorisation as it reflects the high standards we have in place for ensuring we issue compliant loans that provide great customer outcomes.”
The authorisation comes in the run up to the Mortgage Credit Directive in March 2016, which once implemented, will mean only financial service companies who have been authorised to hold the correct permissions or hold relevant exemptions will be able to continue to administer secured loans.
Being FCA authorised, the affordable financial service provider can also administer loans on behalf of housebuilders and social landlords and provide third-party mortgage advice.
Victoria Drummond added: “Our FCA authorisation places us in a strong position to expand our offering by providing loan management and administration services to other companies.
“We are committed to supporting loan providers who may not want to complete the time-consuming process involved in obtaining FCA permissions so that they can continue to operate as usual.”