Under the Consumer Credit Act 1974 most businesses that provide goods and services on credit or for hire, lend money or provide debt collecting, debt counselling or debt adjusting services to consumers need to have a credit licence.
Trading in credit activities without a credit licence is a criminal offence, for more information see penalties and requirements.
The Financial Services Authority (FSA) is currently conducting some research into consumer credit licensees’ activities in order to assist them in developing a new regulatory regime for consumer credit when responsibility passes from the OFT to the Financial Conduct Authority (the body that will replace the FSA) a few years from now. The research is being undertaken for the FSA by a company called Critical Research.
You are, of course, free not to take part in this survey if you so wish but we hope that you will be able to help as the more responses received, the more useful the research will be in developing and designing the new credit regime. Your answers will not be attributed to your business, unless you explicitly agree to this, and the information will be used only for the purpose of designing the new regime and associated policy development.
I don't have a credit licence and I want to:
I have a credit licence and I want to:
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