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Jo C.
Jo C., Barrister
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Experience:  Over 5 years in practice
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If a company acts as an intermediary (ie a packager) between

Customer Question

If a company acts as an intermediary (ie a packager) between a regulated mortgage broker and a lender does the said company need to have a CCL. The company does need to be regulated by the FCA, and dosent give any advice. Also if the company arranges Development loans for developers to build a house, which are non regulated also, and the company does give advice to the developers do they need a CInsumer credit licence?
Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.

Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

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Customer: replied 2 years ago.
Yes please keep looking
Expert:  Nicola-mod replied 2 years ago.
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Expert:  Nicola-mod replied 2 years ago.
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Customer: replied 2 years ago.
Please keep looking
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Expert:  Alex J. replied 2 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you.

When you provide the service, do you do any negotiation on behalf of the borrower with lender?

Kind regards

AJ
Customer: replied 2 years ago.
No, and no advice is given
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

I am afraid that it is very difficult to give you a definitive answer. While the CCA Licence legislation has not changed, on the 1 April 2014 - the regulation of it did change and it is now done by the FCA. There is a two system regulation light touch and full regulation. The light touch regulation tends to apply to incidental services to debt and credit for example debt administration. How this all works in practice no one fully knows yet.

I would be of the opinion that you should have a CCA Licence if anything to give you credibility in your industry. However whether you actually need one or not is open to debate. In all likelihood , if some does have an issue with their credit agreement the complaint will be against the lender and not you. What you are providing is a administration service and accordingly it is likely that some form of regulation will apply to you. However whether it is the light touch regime or full blown regulation, you would be best asking the FCA directly because they are the ones that will have to enforce against you.

I look forward to hearing from you.

Kind regards

AJ

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