Trust Leeds has FCA application approved for consumer credit lending

Rachel Hiller and Sarah Drew of Capital Law’s Financial Services Regulation and Insurance team, advised Trust Leeds (led by Trust Leeds CEO, Liza Kellett) on all regulatory aspects of the application to the FCA.

As an FCA authorised firm, the charity, which helps people to enterprise their way out of poverty, will now be able to make small loans to people who would not normally be candidates for high street credit, helping them to take the next step with their business ideas. Alongside the loans the charity offers mentorship and encouragement for those looking to set up on their own. This represents a huge opportunity for the charity to move forward with its support services and to strengthen its new and existing partnerships.


Liza Kellett, CEO of Trust Leeds, said:

It was a privilege to work with the team at Capital Law because they really went beyond the call of duty, and honoured our very limited budget for professional expertise. Our charity, and our FCA application, were very quirky – even for a Community Development Financial Institution! They dedicated time, resources and energy in understanding our ecology and making it fit with the rigorous and prescriptive application process. I so appreciated this because it will not just benefit Trust Leeds, but those we encourage to come after us to disrupt the market by replicating our model to offer personal loans for business purposes to high risk borrowers: people who are under-served and face financial exclusion yet have smart, kitchen-table business plans to enterprise their way to a better future. It felt like we had the weight of the entire Capital Law team behind us, and they were just as thrilled as we were when we achieved this vital milestone. Thank you!


Rachel Hillier, Head of Capital Law’s Financial Services Regulation and Insurance team, said:

We were delighted to assist Trust Leeds to successfully apply for FCA authorisation and look forward to seeing the charity support even more people to change their lives, by building financial independence with the support of Trust Leeds micro-loans.