Responsible Finance has announced that all of its members lending to consumers and small businesses are now fully authorised by the Financial Conduct Authority (FCA). Jennifer Tankard, Chief Executive of Responsible Finance said: “We are pleased to see that our members are now fully authorised by the FCA for consumer credit lending. Responsible Finance providers have considerable impact in serving businesses and consumers who would otherwise struggle to access fair and affordable finance. FCA authorisation provides further quality assurance to our customers, investors and stakeholders. We continue to advocate for proportionate regulation for the responsible finance sector, and for the FCA to expand its remit for consumer benefit to financial inclusion, so that the millions of consumers and small businesses that are currently under-banked and excluded can gain access to affordable credit.”
Graeme Oram, Chief Executive of Five Lamps, a Responsible Finance member said: ’It is hugely significant that all of the personal lending Responsible Finance providers in the UK now have full FCA permissions. At a time when millions of people are unable to access affordable credit, it is important that they can rely on regulated and accountable community lenders who treat them fairly and lend responsibly. At Five Lamps we see at first hand the impact of unaffordable credit on the lives of individuals, families and the wider community. Becoming fully FCA regulated has great significance for us, and our customers, in providing greater choice, assuring quality and helping to build greater resilience against financial shocks.’’
