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New licence categories

This page has information about Consumer Credit Act 2006 and new licence categories.

From 1 October 2008 the following activities will require a consumer credit licence:

  • debt administration - this applies to those who administer agreements (but do not collect debts) on behalf of creditors or assignees
  • credit information services - this applies to businesses that help individuals to locate and correct records about their financial standing held by credit reference agencies and others in the credit and hire industries.

Consumer Credit Directive

The Consumer Credit Act and regulations are changing as a result of implementation of the Consumer Credit Directive (CCD).  Regulations were laid on 30 March 2010 and are due to come into force on 1 February 2011. It will however be open to firms to comply before then if they choose. Details can be found on the Department for Business, Innovation and Skills (BIS) website.

Relevant OFT guidance will be updated in due course in the light of the CCD changes.


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