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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 1809
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Can a non FCA authorised UK company, which is not involved

Customer Question

Can a non FCA authorised UK company, which is not involved in consumer credit "by way of business" nor performing a regulated activity, collect monthly repayments for it's USA (FCA excluded) counterpart to settle accounts receivable payments from UK customers? Interest and fees could be applied by the US counterpart as agreed with the borrower, not the UK company; which is a mere-conduit in the transaction.
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend, Hello and welcome. Thank you for providing an opportunity to assist you. Any company, who is NOT FCA authorized, cannot collected repayments of its US Counterpart if these repayments are as a result of the activity which is otherwise regulated and needs FCA authorization.Therefore, in your case, from what I understand from the given question, I am of the opinion that the said company CANNOT collect such repayments. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question,Warm Regards