How to apply for a credit licence - forms and procedures

On 6 April 2008 certain changes to the statutory test of fitness to hold a consumer credit licence came into effect. These changes result from the Consumer Credit Act 2006.  As a result we now apply a more rigorous test of fitness to those applicants who apply for certain categories of licence that we consider pose a higher risk to consumers.  Those applying for these categories have to satisfy the OFT that they are both fit and competent to engage in higher risk activities. 

All traders should therefore only apply for those licence categories that cover the activities they propose to carry out in the course of their business. Applying for a high risk category which you do not need will mean that your application will be subject to more detailed scrutiny and you will be required to provide additional detailed information that otherwise would not be required. We may also need to visit you onsite. This may add to the time taken to process your application.  

If you incorrectly apply for any non-commercial categories when in fact your business is operating on a commercial basis this will delay the processing of your application. Almost all businesses applying for a consumer credit licence will be operating on a commercial basis. If you or an associate charge a fee or otherwise receive remuneration in the course of carrying on any consumer credit or ancillary credit business you are operating on a commercial basis. The only organisations or institutions likely to require 'non-commercial' licence categories are non-fee charging charities or similarly altruistic organisations.

Our current processing times

We receive many paper applications which are incorrect. This causes processing delays – on the case in question and more generally. We recommend all applicants apply on-line. This will significantly reduce the likelihood of incorrect information being entered inadvertently and thus reduce the chances of your application being delayed.

Our target on low risk cases is to process 90 per cent within 25 working days. We have processed the large backlog of applications we had at April 2008 and are currently issuing around 70 per cent of licences/variations/renewal licences within 25 days – 85 per cent within 35 working days. We expect at the least to maintain this level of performance when expanding the vetting process in the first half of 2009, and to improve and meet the target in the second half of the year.

Where applications include high risk licence categories we seek to process 75 per cent within 90 working days of receipt.

If you have not received your licence within 35 working days or 90 working days (low risk and higher risk respectively) please contact our enquiries team by email at enquiries@oft.gov.uk. Please mark enquiries for the attention of the Credit Licence Enquiry Team.

If exceptionally you have a pressing business case and need a licence as a matter of priority please write specifying the reasons to ccl@oft.gsi.gov.uk. We cannot guarantee swifter processing but if the business case clearly demonstrates exceptional need and no fitness, including competence, issues arise, we will endeavour to process your application faster. Please do not make a request unless the circumstances are demonstrably exceptional, this simply diverts resource from processing cases and we will not be able to meet your request.

Please see the general guidance for licensees and applicants on fitness and requirements (pdf 147 kb).

Completing an application form

You can apply online for a new licence or to renew or to vary an existing licence.

If you are not able to apply online, you can download the relevant form below. The forms should be printed, completed in black ink and capital letters, and posted to the OFT at the address below.

You must ensure that you have printed, completed and fastened together all of the pages before you send the form to us. We are unable to accept partial or incomplete forms – these will be returned to you for completion and we will ask you to recheck the information already submitted in case there have been any recent changes that could affect your application. This will delay your application.

See fees page for details of how much it costs to apply for, renew, or vary a licensing agreement.

Before you complete your form(s), you should read the information on these pages about consumer credit licensing. Alternatively, read our introductory guide to consumer credit licensing, 'Do you need a credit licence?'

Download Do you need a credit licence? (pdf 236 kb).

Renewal forms

You can apply to renew online up to one month prior to the expiry of your licence. Renewal forms cannot be downloaded from this website so if you do not intend to renew on line and need a paper form contact the OFT and ask them to send you a renewal pack when your licence nears expiry. We do not allow renewals to be made until one calendar month prior to expiry so please do not apply early. We published a general notice (pdf 42 kb) about this in December 2007.

If you have not heard from us within three weeks of your licence expiry date, please contact us. Please note that a licence remains valid while the renewal is being processed as long as we receive your renewal application prior to the expiry date. Please pass this information on to organisations who may be concerned about a licence lapsing.

Forms

Applicants can apply for new licences or renew or vary existing licences via our online services

Exceptionally applications may need to be made on paper forms which can be made available by emailing enquiries@oft.gsi.gov.uk.

Please note: when you request the form you must state if you are a sole trader, partnership, limited company or other legal formation. This will avoid delay and ensure the correct form is sent to you.

Forms which are not currently available online are those to notify us of changes to existing licences or to surrender a licence and these are downloadable below.

CC8C/08 Notification of changes to a consumer credit licence for a partnership, company or other organisation (132 kb)

CC8S/08 Notification of changes to a consumer credit licence for a sole trader (64 kb)

CC12/08 Notification of changes to company controllers for a limited company or limited liability partnership (148 kb)

CCVS/08 Notice of the voluntary surrender of a consumer credit licence (76 kb)

Consumer Credit Licensing relocated to the OFT's office in central London in 2006. The address is:

Consumer Credit Licensing
PO Box 62691
London
EC4P 4UW

Telephone: 08457 22 44 99
Email: enquiries@oft.gsi.gov.uk

Back to: Consumer credit licences