OFT consumer credit licence fee rebate

Some firms that held an OFT consumer credit licence were eligible for a rebate of fees they paid before we took over regulation of the market on 1 April 2014.

The rebate scheme closed to new claims on 15 July 2014. This content is for information only.

Since the scheme opened, we have issued over 50,000 cheques – totalling more than £24m – to eligible firms that had:

  • registered for interim permission
  • been licensed by the OFT after 31 December 2013, or
  • made an application via our OFT Rebates website (which closed on 15 July 2104)

Check your rebate claim

If you claimed a rebate before 15 July 2014 but have not received a cheque, you can check the status of your rebate by emailing ccrebates@fca.org.uk and quoting your OFT licence number.

How rebates were calculated

We calculated the rebate based on the number of complete months between regulation transferring to us on 1 April 2014 and either:

  • the expiry date, for a standard or group licence, or
  • the end of the relevant maintenance payment period for an indefinite licence

A proportion of your rebate was not based on the payment that you have made to the OFT. This is because the cost of a licence obtained from the OFT was made up of:

  • the consumer credit licensing fee to the OFT (in 2013/14 this was £530 for a sole trader, otherwise £1,326), and
  • the consumer credit jurisdiction (CCJ) levy to the Financial Ombudsman Service (in 2013/14 this was £140)

Your rebate was a proportion of the consumer credit licensing fee only, as the CCJ levy is an ongoing responsibility of the ombudsman service.

This is the calculation we used for your rebate amount:

[the amount paid to the OFT in respect of the consumer credit licensing fee / maintenance charge]
Multiplied by [the number of complete months remaining on the licence / charge]
Divided by [60 (the number of months in five years)]

Rebate calculation examples

Indefinite licence held by a partnership, company or other organisation
Maintenance charge due date: 1 September 2016
Total fee paid to OFT: £1,225 (of which £1,075 Consumer Credit Licensing Fee; £150 CCJ Levy)
Complete months remaining from 1 April 2014: 29
Rebate calculation: £1,075 x 29 ÷ 60 = 519.58
Rebate amount paid: £519.58

Indefinite licence held by a sole trader
Maintenance charge due date: 1 September 2016
Total fee paid to OFT: £585 (of which £435 Consumer Credit Licensing Fee; £150 CCJ Levy)
Complete months remaining from 1 April: 2014: 29
Rebate calculation: £435 x 29 ÷ 60 = 210.25
Rebate amount paid: £210.25

Further information

You can also see our final rules for consumer credit firms.

Last updated: 14 Aug 2015

First published: 12 May 2015