Licence - Consumer Credit

Description

 

If a business offers credit or lends money to consumers, or allows customers time to pay for goods and services, it must be licensed with the Consumer Credit Licensing Bureau of the Office of Fair Trading under the Consumer Credit Act 1974.

 

Eligibility

 

The following types of business must be licensed with the Office of Fair Trading:

• Consumer credit
• Consumer hire
• Debt adjusting and debt counselling
• Debt collecting
• Credit reference agencies
• Canvassing credit off trade premises

 

Procedure

 

The Office of Fair Trading holds a public record of all licensed traders and of all those who have applied for a licence. They can provide details to the public about the licensed businesses, such as the type of activities they cover, their authorised trading names and main business address.

 

Helplines

 

Consumer Direct: 0845 4040506

Office of Fair Trading: 0207 211 8608

 

Charges/Fees

 

Sole Trader consumer Credit Licence - £110

Partenrship, Limited Company, or other - £275

Please see the Office of Fair Trading website for up to date costs (see associated links).

 

Methods of Payment Available

 

Cheque, postal order of bankers draft (payable to the Office of Fair Trading)

 

Opening Times/Locations

 

9am to 5pm Monday to Friday for general telephone enquiries on: 020 7211 8608

9:30 am and 4 pm to search the public register: Office of Fair Trading, Consumer Credit Licensing Bureau, Craven House, 40 Uxbridge Road, Ealing, London W5 2BS

 

How the Customer Can Help

 

Please refer to the Office of Fair Trading Website (see associated links).

 

Application Form References

 

CC1/96 Application for a Consumer Credit Licence

 

Leaflets

 

See associated link on the right hand side.

 

Legislation

 

Consumer Credit Act 1974

 

Owner Officer Contact Details

 

Principal Officer,
Trading Standards,
3rd Floor,
Central Offices,
Kendray Street,
Barnsley,
S70 2TN.
Tel: 01226 772532

 

Frequently Asked Questions

 

Q How long will a licence last?

A Five years - although licenses can be revoked, suspended or varied at any time.

Q How many licenses do you need?

A If your business is made up of several different companies or partnerships, they must be separately licensed. However, one licence can cover any number of premises.

Q What about multiple business names?

A If you trade under more than one name, they must all be specified in the licence. Make sure that none of the names are already in use. The Office of Fair Trading can do this for you free of charge.

Q Can I make changes to my licence?

A You can change your trading names and categories by applying for a variation to your licence. An extra fee will be charged unless you are making a renewal.

Q Do I need to inform you of any other changes?

A You must let the Office of Fair Trading know about any changes to your licence during its lifetime. There is no charge for updating the register with details such as new addresses and new or retiring partners or directors.

Q Can a licence be transferred?

A No. You will need to apply for a new one if you change the structure of your business, for example, from a partnership to a company.

Q What if I trade without a licence?

A Unlicensed trading is a criminal offence punishable by a fine, imprisonment or both. You must not trade before your licence has been granted, or carry out business activities under a category it does not cover.

If you have traded while unlicensed, you may apply for an order for any agreements you have made to be treated in law as if you had been licensed - but you could still be prosecuted.

Q Is there a register of Consumer Credit Licenses?

A Yes. Details of everyone who holds a licence, has applied for one, or had one revoked, suspended or varied, are available to the public in the Consumer Credit Public Register.

Basic information can be given free of charge, such as when a licence started, the type of activities it covers, the authorised trading names and main business of the licence holder. Fees are payable for additional services.

 

Related Links:

• Office of Fair Trading

Last modified on 16/9/2008