Newsroom

Kent mortgage broker's licence revoked

Since this press release was issued, an appeal has been lodged with the Secretary of State. The licensee is free to continue trading while the appeal is heard.

195/04     2 December 2004

A mortgage broker from Sidcup has had his consumer credit licence revoked by the OFT.

Stewart James Williams, trading as S&J Consultants, had his licence revoked on the basis that he had convictions for forgery and for obtaining money by deception. He also failed to declare these convictions on his licence application, which is a breach of the Consumer Credit Act 1974.

As a result the adjudicator decided that Mr Williams was unfit to provide credit to consumers and revoked his licence.

In considering fitness, the OFT takes into account a number of factors carried on by the business or anyone involved in running the business including:

• any offence or conviction of violence or dishonesty
• failure to comply with the provisions of the Consumer Credit Act or other consumer protection legislation
• consumer complaints
• evidence of unfair business practice
• evidence of discrimination on grounds of sex, colour, race or ethnic/national origin.

Christine Wade, Director of Consumer Regulation Enforcement, said:

'Convictions for forgery and obtaining money by deception make this trader unsuitable to provide credit to consumers.'
 
NOTES

1. The Consumer Credit Act 1974 requires most businesses that offer goods or services on credit or lend money or are involved in activities relating to credit or hire to be licensed by the OFT.

2. The OFT can refuse or revoke a licence if it decides that a trader is not fit to hold one.

3. It should be noted that proceedings under the Act are not the same as those of a court and the adjudicator's findings are not the same as convictions by a court. Therefore where the adjudicator finds that an offence has been committed or a provision of the statute has been contravened, it does not mean that the person concerned has been convicted under court proceedings of that offence or of that contravention.

4. An adverse determination (a refusal to grant a licence or the revocation of an existing licence) can be appealed to the Secretary of State for Trade and Industry.

5. The Consumer Credit Public Register is maintained by the OFT. The register documents traders that hold a licence and any action taken against them. It also details traders that have applied for a licence. Enquiries can be made to the Consumer Credit Licensing Bureau on 020 7211 8608.

6. The determination to revoke licence number 191414 was published on 11 November 2004. The licence was held by Stewart James Williams, trading as S&J Consultants, 75 Granville Road, Sidcup, Kent, DA14 4BT.

Back to:2004