Credicorp lends exclusively to UK limited companies and LLPs. Because our lending is purely business-to-business and the agreements we enter into are not regulated credit agreements under the Consumer Credit Act 1974, we operate outside the FCA's consumer-credit authorisation regime for the products we offer.
Why the exemption applies
UK consumer-credit regulation was designed to protect individual consumers and sole traders entering into personal credit agreements. Loans to incorporated businesses — limited companies and LLPs — fall outside that framework provided certain conditions are met. Credicorp's lending is structured to satisfy those conditions: the borrower is always the company entity, and agreements are entered into for business purposes only.
What this means for borrowers
Because our lending sits outside the consumer-credit perimeter, the statutory protections that apply to personal loans — such as access to the Financial Ombudsman Service (FOS) or FSCS cover — do not apply to Credicorp facilities. Businesses considering a facility with us should take that into account and, where appropriate, take independent financial or legal advice before committing.
Our voluntary standards
Regulatory exemption does not mean we operate without standards. We follow our own published lending principles, maintain transparent cost disclosure before any agreement is concluded, and apply responsible credit-assessment processes. We also comply with all applicable UK data-protection, anti-money-laundering, and fraud-prevention obligations.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: Is Credicorp a bank?, Who is Credicorp?, What are Credicorp's lending principles?