HFO Capital/Services/Roxburghe - OFT Minded to Revoke Licences!

[the_shadow]

Surely if a solicitors firm SOLELY does debt collecting (and I can name a few) then they MUST have a separate licence. Its a bit like a bus company only licencing one bus when they need to licence the lot - cheapskates or what.

 

Should hopefully be a nail in the coffin to the 'in house solicitor teams' operating under a group licence or a group SRA licence... and certain other firms profits would be hit by having to pay out licence fees.

 

The OFT seem to be developing teeth.....

 

Must be all that "training" they are getting

 

S.

[rev.ian]

No wonder the SRA are above useless when they can’t even spell.

Bellow is taken directly from the SRA site.

The Law Society's consumer credit group licence has been varied to include the two new categories of ancillary credit business which came into force on 1 October 2008. The two new categories covered by the group licence are "debt administration" and "credit information services". The validity date on the current group licence has expired, but the Office of Fair Training (OFT) has confirmed that it remains in force while the OFT considers our application to renew the group licence.

And again

The group licence covers these activities provided that they are carried on in the course of practice as a solicitor. The SRA has applied for the group licence to be renewed on essentially the same basis, but the Office of Fair Training (OFT) has expressed concern about whether firms that undertake debt collection as part of their core business should be covered by the group licence.

I think someone in the SRA needs some training lol.

 

If the SRA can’t spell Office of Fair Trading they should stick to OFT.

[IllMakeYouFamous]

Is there anyway we can find out how this is going??

[spidey41]

yes that would be good

[BRIGADIER2JCS]

Slow, Slower, Slowest.the moto of all quangos'

[broken arrow]

http://www2.crw.gov.uk/pr/default.aspx

[broken arrow]

Is there anyway we can find out how this is going??

 

keep checking the OFT register, link posted above.

[BRIGADIER2JCS]

I am keeping that info thanks BA

[DonkeyB]

Slowly, slowly, catchee chipmunk.

[BRIGADIER2JCS]

By the sort and curlies DB:madgrin:

[la2011]

i searched the register with the link posted above (hfo services, licence number 555914) and there is no record of them. Am i looking in the right place?

[DonkeyB]

Key in

 

HFO Services *

 

Then hit search.

[la2011]

on the CCA register?

[DonkeyB]

Yup.

 

If you type

 

HFO *

 

it will bring up both HFO Capitals as well.

[la2011]

oh ok got it, it says minded to refuse renewal application. they need to hurry up and refuse it!

[comedycircus]

Just been looking at the OFT's latest CEA list, and it appears that after any MTR status has been arrived at (which as we all know is quite a serious stage), in the majority of cases whether it be a revoke, refuse 1st application or refuse renewal, the trader has not retained thier licences. They are recorded subsequently as application withdrawn, licence surrendered etc etc. There appears to be no coming back after the OFT decide this. If the internal appeal / adjudication stage can't be overcome, then thats it game over. From my own knowledge of these cases, I am predicting an outcome with similar determinations as given out to (albeit by the Courts) the director of LNS last December. This went criminal and was heard in Southwark Crown Court. We will have to wait with baited breath and see. It would be a major result for the oppressed "little man" if all thier charging orders were forced to be lifted and overturned as in LNS case. If the OFT can do it in that case then it can be done again and again to any other DCA who chooses these modes of operation that we have all been on the receiving end of.

[comedycircus]

Slowly slowly catchee monkee !!

[BRIGADIER2JCS]

As members of the site team have pointed out there will be a ''Phoenix'' company rising from the ashes of this.

[sillygirl1]

Very true, probably been set up around January time (I suspect - good for tax too...)

 

HFO have proved to be very devious with the inter-company transfers, and maybe this particular business model will be seen as a failure.

 

Are we going to have a site meet up to celebrate their demise?

[DonkeyB]

As members of the site team have pointed out there will be a ''Phoenix'' company rising from the ashes of this.

 

As I’ve said many time... it already exists! Validor Capital

 

http://validorcapital.com/managementteamvalidor.html

[comedycircus]

As members of the site team have pointed out there will be a ''Phoenix'' company rising from the ashes of this.

 

That all may be well and good, anyone can register a quick ltd co, but the big problem arises as to who will front up and meet the strict criteria for the CCL ?? Im sure that as soon as this happens, if at all, we will all be there to start a "round 2" if they misbehave !!!!

[Huff&Puff]

Surely there must be a way we can object if they apply for a CCL for a phoenixed company? Otherwise it makes a mockery of the whole thing - as it is you have to break every rule in the book for literally years before the OFT do something. If they can then just go out and start over, then there seems little point in having the OFT at all

[BRIGADIER2JCS]

There is by keeping up the complaints to the OFT!!

[patrickq1]

The FSA have stated they will not or cannot act in this matter and passed me on to another goverment organisation ? perhaps it is because they are already looking at them , but i have streniously made them aware and i explained that i beleive they are partially accountable if they refuse to act sooner rather than later i have also sent notification to the MINISTRY OF JUSTICE and asked them if they have been made aware of the situation concerning Alice i as yet await a reply concerning the POSSIBILITY OF UNLAWFUL CHARGING ORDERS

patrickq1

[broken arrow]

http://www.credittoday.co.uk/news/news-item.cfm?news=2327