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This website content is intended as a general guide to law as it applies to the motor trade. Lawgistics has taken every effort to ensure that the contents are as accurate and up to date as at the date of first publication.
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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.