This page is for SRA-authorised firms involved in, or considering becoming involved in, the carrying on of consumer credit activities under Part 20 of the Financial Services and Markets Act 2000 (FSMA) as an exempt professional firm (EPF).
Our toolkit below provides tools and resources to help SRA-authorised firms understand the regulatory requirements and deliver consumer credit services in a compliant way.
Is the activity excluded by the "contentious business" exclusions?
Certain consumer credit activities, such as debt collecting, will be excluded from regulation under FSMA where those activities are undertaken by solicitors (or other persons authorised under the Legal Services Act 2007) in the course of providing advocacy services or litigation services. The definition of these services is wider than the previous definition of "contentious business" and therefore would include pre-issue work. See the Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 for further information.
Your activity is not a regulated consumer credit activity.
Is the activity a prohibited activity or do restrictions apply?
Are the services being provided in an "incidental manner"?
Are you providing a particular professional service to a particular client, the regulated activities arise out of, or are complementary to, that service?
You need to be dually authorised by the SRA and FCA.
You will need to comply with the FCA's CONC and cannot rely on Part 20 for other regulated activities
Part 20 exemption applies.
Comply with the SRA Principles, Codes of Conduct, SRA Financial Services (Scope and Conduct of Business) Rules and refer to formal consumer credit guidance.