For many firms interim permissions expire on 31 December, while they could be forced to halt their consumer credit activities if they fail to apply in time.
According to the FCA 28% of firms authorised on an interim basis for consumer credit do not have the correct permissions.
Helen Turner, distribution and development director, said: “Tenet has over 25 years’ compliance consultancy experience and its network businesses were the first major distributers to achieve full FCA authorisation for consumer credit activities.
“Tenet aims to provide regulatory certainty to financial advisers that undertake commonplace activities such as arranging buy-to-let mortgages, advising clients to repay debts, or helping their clients to understand their personal credit report.”
Tenet's consultancy service is available to all directly authorised firms, including those with existing compliance support arrangements.
