Your Questions Answered
How much does consumer credit authorisation cost?
When you apply, the FCA will notify you of how much you will be charged. The amount due depends on various factors including the size of your business and the type of authorisation you are applying for. Fees are charged annually.
Why do I need a consumer credit licence?
You can offer up to 12 months credit (not interest bearing) but this will cost your business money.

Offering consumer credit (for longer periods or with interest) without the correct authorisation in place is a criminal offence for which you can be prosecuted and either fined or imprisoned. The consumer credit authorisation process ensures that businesses offering credit do so responsibly, and that consumers rights are protected. Having the correct authorisation is a legal requirement if you wish to offer point of sale finance to consumers.
What happens if the customer defaults on their payments?
Once you have a consumer credit licence, most businesses then engage the services of a lender of their choice. You receive payment for the goods or services minus any agreed fees, and your customer enters an agreement with the lender to pay them in installments. If the customer defaults, the lender will follow their standard processes for non-payment. If you opt to be the lender yourself, you should take legal advice as the rules are complex.
Can we offer 0% finance?
Absolutely!. The specifics of the finance packages you can offer to customers depend on what agreement you set up with the lender of your choice.  Low interest or 0% finance deals are an option and the lender will talk you through the rates and charges that apply to their various credit products.
Does my business need a full or limited permission?
A company must choose whether to apply for full or limited permission.  The type of permission the company should apply for is determined by the type of activities it carries out. Please speak to us for more details.
client feedback
"Clear Financial Consultants have been a joy to deal with, particularly in the regulation heavy world of financial permissions. I’m very glad we were recommended to use them. Without exception we have been given clear advice in complex matters, always in a timely fashion, and with the care that shows that nothing is ever too much for them to help out with. Personally too, I have really enjoyed working with Helen and Ciara. They definitely know their field inside out, and involvement with them led to use gaining the desired FCA permission. I would definitely recommend them to work with."
David Patterson Finance & IT Director
Harvey Water Softeners Ltd

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