Newsroom

New consumer credit licence application forms launched by OFT

193/05    18 October 2005

New forms for businesses applying for, renewing, varying or notifying changes to their consumer credit licences have been launched today by the OFT. 

The forms (see note 1) are clearer and easier for businesses to complete and will provide the OFT with better personal information for verifying an applicant's identity and address. The OFT has also issued a leaflet, 'Do you need a credit licence?', to help smaller businesses consider whether their business activities require a consumer credit licence.

The leaflet and the forms are available from the new consumer credit licences area of this site.

The OFT processed 26,000 applications for new and renewed licences in 2004-05. The forms have been redesigned to help reduce the number of completion errors made by traders. There are also separate simpler forms for sole traders. The forms give:

• increased guidance to traders on questions, such as the type of information the OFT needs on the trader's business activity
• clearer questions
• increased space to give free-text information
• checklists to help traders ensure they provide all key information before sending off their application

The forms also include additional questions asking for personal addresses for sole traders and partners that will help the OFT and trading standards departments to confirm applicants' identities and better enable the OFT to target traders who require further investigation on fitness grounds.

Christine Wade, Director of Consumer Regulation Enforcement Division at the OFT, said:

'The new forms will benefit businesses, consumers and the economy by enabling a faster and more efficient licence application process.'

Interactive online application forms will be introduced from spring 2006. Forms are also available from the Consumer Credit Licensing Bureau on 020 7211 8608.

The old licensing forms will be valid until 18 November except the licence renewal form which will be valid until 31 December.

'Do you need a credit licence?' is available from the OFT website or by contacting 0800 389 3158.

NOTES

1. The new forms are: 'Application for a consumer credit licence for a partnership, company or other organisation' (CC1C/05), 'Application for a consumer credit licence for a sole trader' (CC1S/05), 'Application to renew a consumer credit licence for a partnership, company or other organisation' (CC501C/05), 'Application to renew a consumer credit licence for a sole trader' (CC501S/05), 'Application to vary a consumer credit licence for all licence holders' (CC15/05), 'Notification of changes to a consumer credit licence held by a partnership, company or other organisation' (CC8C/05), 'Notification of changes to an address on a consumer credit licence held by a sole trader' (CC8S/05) and 'Notification of changes to company controllers for a limited company or limited liability partnership' (CC12/05).

2. The OFT has consulted with Better Regulation Executive to ensure that the forms fit with the wider government agenda of reducing the burden on business of administering regulation. For more information see Cabinet Office website.

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