New powers to shut down business offering credit

The Office of Fair Trading is to be given powers to shut down finance of businesses with a Consumer Credit Licence with immediate effect, where needed to protect consumer interest. 
 
At the moment the Office of Fair Trading can be ‘minded to revoke’ a Consumer Credit Licence but the business can continue to operate for sometimes up to two years whilst an appeal process takes place.

Published: 17 Sep 2012

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