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.

What this means for you if you do business in these areas:

If you are not already licensed:
You must apply for a licence by 1 October 2008.

If you have a licence already:
You must apply to vary your licence by 1 October 2008.

You can apply for the new categories of licence from 6 April 2008.

If you have any queries, they should be addressed as follows:

Consumer queries - enquiries@oft.gsi.gov.uk

Licensing queries - enquiries@oft.gsi.gov.uk

Queries about interpretation of the legislation - credit.guidance@oft.gsi.gov.uk

Back to: Consumer Credit Act 2006