Proposed new power for OFT to immediately suspend Consumer Credit Licences

legal updates

It envisages that the power will be exercised where, say, a car dealer, is selling a large number of 'clocked' vehicles or perhaps 'unroadworthy' vehicles.

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Consultation has begun on the way the OFT can ‘shut down’ businesses by suspending their Consumer Credit Licences in certain circumstances. 

It envisages that the power will be exercised where, say, a loan shark uses violence, but it may well be that where, say, a car dealer, is selling a large number of ‘clocked’ vehicles or perhaps ‘unroadworthy’ vehicles then the OFT may intervene in those circumstances to stop customers getting a raw deal.   

It appears the power may be exercised also where a business fails to mend its ways when the OFT or Trading Standards have raised concerns over trading practices.

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