AM Online

Motor trade still tops OFT's adverse credit adjudications

The OFT carried out 295 licensing actions in the third quarter of 2003. Between 1 July and 30 September nine consumer credit licence applications were refused and five existing licences revoked.

There were also 62 warning/advisory letters issued and 179 applications withdrawn following challenge. A further 39 minded to revoke or refuse or refuse to renew notices were issued plus one minded to grant in different terms.

Convictions under the Trade Descriptions Act, plus convictions for forgery, fraud and dishonesty, and complaints of violence and abusive behaviour, were some of the fitness issues taken into consideration in the refusal and revocation of licences this quarter.

As with the last quarter, between July and September the motor trade received the most adverse adjudications with seven businesses having their applications refused or revoked.

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