A Leeds-based adviser support firm has been given the go ahead to start offering consumer credit services.

The FCA has granted full permission for Tenet, which means it can provide credit broking, debt counselling and adjusting, credit information services and lending.

Group brands director Mike O'Brien said: "As far as we are aware, we have become the first network to become fully licensed."
He explained that the facility is designed for firms where consumer credit activities are incidental to giving mortgage, insurance or investment advice.

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Mr O'Brien said: "Our ability to simplify the process and significantly lower the cost of authorisation underlines the benefit of belonging to a network.
"We put a lot of effort into preparing to offer this new service and anyone who thinks that varying their permissions is a straightforward procedure may be surprised."
Responsibility for regulating the consumer credit industry transferred from the Office of Fair Trading to the Financial Conduct Authority in April.
There are an estimated 50,000 firms that will require FCA authorisation for consumer credit-related services, many for the first time - from debt management firms and insolvency practices, to motor dealers and pawn brokers.
The Tenet network comprises, TenetConnect, a non-investment network, TenetLime, a support service provider, TenetSelect and a small national, Aspire Financial Advisers. Tenet holds over £28m of net assets and said it has no external debt.