Lloyd said: “When people are looking to refinance debt you could need Category D and Category E permissions. People need to be mindful that they don’t stray into these roles without the right permissions.
But Suzanna Walker, compliance director at Bridgebank Capital, said that the categories could be short lived.
She said “The categories will disappear before too long. The FCA are looking to to define what people do. Moving on it will just be a case of contacting the FCA, telling them what you do and going on from there.”
Both Lloyd and Walker were talking at the NACFB annual Expo in Birmingham.