Legal Article - Business Law

Office of Fair Trading: Who Are They?

The Office of Fair Trading acts as “big brother”. All prosecutions and sometimes complaints are registered on the Office of Fair Trading register, which is linked to a Company’s Consumer Credit Licence.

Any prosecution may then reflect on a person’s suitability to hold a Consumer Credit Licence and the Office of Fair Trading may issue a “Minded To Revoke Notice” indicating that they are thinking about removing a person’s licence and inviting them to make representations to say why that should not happen.

If you receive any such communication you should immediately Contact Lawgistics.

In addition to this role, the Office of Fair Trading also builds up dossiers on problematic traders and issues them with written notice of a Part III Assurance under the Fair Trading Act.

New legislation in the form of a “Stop Now” Order will speed this process.

Such an Assurance is very serious and any further evidence of malpractice or breach will render the Directors of the Company in contempt of court.

Published: 21 Mar 2011

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