Under the consumer credit licensing regime we have the following powers:
We also have power to impose financial penalties if the Requirements we impose are not complied with. The maximum penalty will be £50,000.
Licensees are able to appeal against the imposition of Requirements, as with any decisions we make.
We published a statement of policy and guidance on civil penalties on 7 January 2008. The statement of policy explains how the OFT proposes to use its powers to impose financial penalties on licensees where they fail to comply with requirements or to provide relevant information to the OFT. It also forms our guidance on financial penalties. For more information see the statement of policy on civil penalties (pdf 111 kb). For more information on requirements, see the guidance on fitness and requirements (pdf 147 kb).
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.
Back to: Changes introduced by CCA06
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