Licensing Requirements

Consumer Credit

Firstly establish whether a Consumer Credit Licence is required. If you are offering your own credit facilities or just introducing the customer to a source of credit - you need a licence. You also need one if you are offering vehicles for hire. There are certain exemptions, which Lawgistics will be happy to advise on but it is unlikely that they will apply here.

If you need a licence then that must be obtained from the Office of Fair Trading. On completion of the application form it is essential to answer the questions fully and honestly. Do not rely on a third person, such as an accountant, to fill in personal details. If you provide incorrect information at this stage it will come back to haunt you.

Any application must contain ALL trade names you intend to use. If you use a name that is not on the licence then that becomes unlicensed trading and all transactions will be potentially unenforceable.

Data Protection Act

Under this and subsequent legislation you are required to obtain a licence from the Office of the Information Commissioner formerly the Data Protection Commissioner if you hold or use any database comprising of customers personal details. In practice this will apply to all customer lists or records held on computer. The rights of individuals however extends to personal data held in structured manual files.