A major surge in business at a Yorkshire start-up has sparked a recruitment drive.
Just 12 months since its launch, Consumer Credit Compliance (CCC), which helps firms apply for new licences to offer customers credit, has taken on five members of staff to help cope with a rising demand for its services.
Following the Financial Conduct Authority taking over credit licensing last April from the Office of Fair Trading, it is now working on behalf of more than 250 firms nationwide requiring a new “permission”,
Failure to submit an application within a pre-determined timescale will result in companies being unable to offer any form of credit to customers.
Started by compliance expert Ian Beardmore and business partner David Petty, CCC’s clients include car dealerships, cosmetic surgery clinics and credit brokers.
And, with tens of thousands of companies requiring an FCA permission – including credit brokers, payday loan companies, pawnbrokers, businesses offering hire purchase agreements, peer-to-peer lenders, and debt collection firms – the pair are predicting the workforce will expand further over the coming months.
Mr Beardmore said: “Over the last year we have built up a business offering a specialism, and a specialism required by a thousands upon thousands of companies up and down the country.
“Applying for a new permission is not a two-minute job. The submission process is complicated and time-consuming, with some taking up to two months to finalise.
“Even though we have a 100 per cent success record, there is no guarantee the FCA will then grant that permission.
“With more and more businesses seeking us out, David and I took the decision that we needed to build a team.”
Mr Petty said: “Our new team is doing a fantastic job, and, judging by the way we are going, we will be looking to boost that figure further. We will also be looking at the apprentice route too.
“Ian’s reputation for being a leading compliance expert is meaning firms are now starting to seek us out, not the other way round.”
The FCA currently regulates more than 50,000 firms that offer credit, loans or debt services. Firms must be authorised by the FCA, or have interim permission, to offer consumer credit.