On 19 January 2016, the Solicitors Regulation Authority (SRA) published a new webpage for SRA-authorised firms involved in, or considering becoming involved in, the carrying on of consumer credit activities under Part 20 of the Financial Services and Markets Act 2000 (FSMA) as an exempt professional firm (EPF).
The new webpage provides links to tools and resources to help firms understand the regulatory requirements and deliver consumer credit services in a compliant way.
The SRA released a press release explaining that it is introducing a new approach for law firm regulation, which comes into effect on 1 April 2016, so that the majority of firms should not have to be regulated by both the SRA and the FCA. This will therefore reduce the burden on firms while ensuring client protections are in place but advises that some firms might still need to be regulated by the FCA, so all firms should check if they need to apply for dual regulation.
Click here to view SRA press release.