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15 October 2015

Firms that do not have a regulated income (e.g a credit broker that does not earn any commissions or charge fees for their activities) will now have to use a proxy measure to display their annual income. They can do this by taking an average of the value of the referrals across 12 months, multiply this by 5% and the Bank Of England base rate at 0.5%

For Example:

Firm refers £1000 a month to credit brokers.

£1000 x 12 = £12000

£12000 x 5.5% = £660

By Victoria Neame

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