CAP has today been officially authorised by the Financial Conduct Authority (FCA). The FCA was given significant powers to regulate more than 50,000 consumer credit firms in 2014 when it took over from the Office of Fair Trading. Since this time, it has been progressing through this large number of companies and organisations, rigorously inspecting each one.
As the news was announced, CAP's CEO Matt Barlow said, 'We fully support the FCA in its mission to ensure best practice in the industry on behalf of the consumer. It has long been our goal to offer the very best service to some of the most vulnerable in our society and therefore, I’m delighted the FCA has given us this official authorisation.'
Applicants each have to meet a range of requirements to receive authorisation with the FCA reviewing business plans, risks assessments, budgets, resources, systems, controls and whether key staff have the necessary qualifications, experience and ability to carry out their roles effectively. The FCA’s comprehensive process has been another step in CAP’s 21-year history that has seen the charity win multiple industry awards including Debt Advice Provider of the Year in 2015 and the Insolvency Team of the Year the previous year.