It has been granted permission under Part IV of the Financial Services and Markets Act 2000. The notice confirming authorisation will be effective from October 31 2004.
Chris Smith, chief executive of Compass Finance, says: “We are delighted to have received our scope of permission notice from the FSA. It is credit to everyone at Compass Finance who has worked hard over the course of the last year to prepare the business for regulation.
“We are now looking forward to working within the regulatory environment and continuing to provide the high standards of service our customers expect and deserve.”