FCA Dear CEO Letter – Third Party Finance Providers (TPFPs)
Regulatory Updates | 26/04/21
The FCA wrote to firms that provide retail credit to finance the purchase of goods or services through intermediaries such as a directly authorised credit broker (including a Master Broker (MB)), Appointed Representative (AR), or self-employed sales agent.
The letter sets out the FCA’s concerns about the current risks that these firms may be posing to fair treatment of customers, in particular around lack of oversight and control of broker engagement and distribution strategies. The letter also sets out the FCA’s expectation of these firms for taking appropriate action to mitigate some of these risks.
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