Erudio Student Loans is pleased to confirm that its interim Financial Conduct Authority (FCA) permission has now been replaced and will now operate under Arrow Global Limited’s full FCA authorisation.
Arrow Global has been an investor in Erudio Student Loans since 2013 and is a leading purchaser and manager of debt across Europe.
In April 2014, the UK debt purchase and management industry, along with the wider consumer credit industry, saw a change in regulator from the Office of Fair Trading (OFT) to the FCA. At the time, companies were granted interim permissions and were allocated a ‘landing slot’ where they could apply for full FCA authorisation. Arrow Global Limited was allocated a Q3 2015 application slot and since this date has been working with the FCA on full authorisation.
Arrow Global Limited has now received its full FCA authorisation and Erudio Students Loans will operate under this authorisation.
Following this news, Erudio Student Loans customer accounts are unaffected and will continue to be operated in accordance with FCA regulations.