Monday, March 10, 2014

Great summary about Consumer Credit Licences and how the changes impact on IPs

We won’t plagiarise their article here, but we have to refer you to the brilliant summary on the ICAEW website. They have looked at the upcoming changes to the consumer credit licensing regime and in particular they have a “frequently asked question” that deals specifically with the impact on insolvency practitioners.

We think that this is essential reading for all insolvency practitioners, whether you had an old-style separate licence or relied on a regulator’s group licence. It is also very helpful to IPs in practices that offer a wide range of solutions for distressed personal debtors, as it clearly sets out what the exemption for IPs does, and does not, cover.

In short, you must read this.