ilumoni is now directly registered with the FCA across all four permissions of account and credit information services, credit broking, and debt counselling.
Having been a member of the FCA innovation hub, ilumoni fast-tracked through the process and was granted its regulatory status on 11th January 2021. The news means ilumoni is now able to take live customers onto the app.
Gary Wigglesworth, CEO, ilumoni, commented, "We're absolutely delighted to have reached this very important milestone in ilumoni's progress towards launch. Being directly authorised, particularly with debt counselling permissions, means that we can provide much more in-depth support for consumers looking to understand, manage and improve their borrowing for the better. "All of our 'nudges' are designed to help consumers based entirely upon their personal circumstances. Meaning we're able to highlight smart ways to repay, based on what they can afford, and highlight alternative products, based on what they're eligible for and the way in which they use credit, that will give them the best ways to achieve better borrowing wellbeing, based on what they're seeking to achieve. We've come a long way in 18 months and are so thrilled that we're now able to onboard real customers into our live Beta, begin roll out in earnest and deliver on our promise to help consumers to Borrow Well."