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The Government, having consulted the OFT and FCA, has decided that as a result of the transfer of consumer credit regulation to the FCA in April 2014, there will be a programme of rebates to consumer credit licence holders to reflect the closure of the OFT regime at 31 March 2014.
This is designed to ensure that the cost of the transfer of regulation is proportionate. Full details of how rebates will be made - including the eligibility criteria, the mechanism to be used, and when - will be announced in the autumn.
Firms must maintain a valid licence in order to continue trading legally.
