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OFT publishes guidance on power to suspend credit licences

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The Office of Fair Trading has published guidance on when and how it intends to use the power to suspend consumer credit licences. The Financial Services Act 2012 grants the OFT the power to stop the licensable activities of businesses with immediate effect. Following a consultation period with the industry and consumer groups, the OFT has confirmed the circumstances under which it will exercise this new power. Business found to have engaged in practices that cause, or have the potential to cause, physical, economic or other harm to consumers will be subject to immediate suspension.

 

Link: http://www.mortgagestrategy.co.uk/latest-news/oft-publishes-guidance-on-power-to-suspend-credit-licences/1066589.article


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