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Essex credit broker's licence revoked

196/04      2 December 2004

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

Stephen John White, trading also as Light House Financial Consultants, had his licence revoked on the basis that he was convicted of attempting to obtain money by deception in February 2004.

As a result the adjudicator decided that Mr White 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:

'We will not hesitate to revoke a trader's licence where we find they have convictions that make them unfit 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 522395 was published on 12 November 2004. The licence was held by Stephen John White, 18 Hillside Walk, Brentwood, Essex, CM14 4RB.

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