Indefinite licences

From 6 April 2008 we will issue most standard consumer credit licences on an indefinite basis. For indefinite licences there will be an initial charge and then a periodic maintenance charge. Indefinite licence holders must also tell us about any changes relating to the licence during the whole time it is held.

Group licences, for professional bodies with established disciplinary arrangements (for whom credit is an adjunct to their prime business activity) and advisory organisations with altruistic aims will not be issued indefinitely. They must be renewed every five years.

If there are any queries these should be addressed to credit.guidance@oft.gsi.gov.uk.

Back to: Consumer Credit Act 2006