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The Credit Services Association (CSA)
FCA update regarding DMC authorisation lapses
Following a review of the number of DMCs who have applied for authorisation, the FCA has stated that the risk of a large number not applying and therefore leaving a large number of impacted customers requiring help at once has not materialised. Before the application period closed, the FCA had stated that current indications suggested that there would be around 100 impacted customers (from nine DMCs) on 1 January 2015. We have contacted the FCA and are waiting for this to be confirmed and have asked for the list of companies not applying for authorisation.
The CSA has set out the latest position with FCA and MAS in a Member Update (below) together with more detailed suggestions on a proportionate approach and constructing a communications plan.