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Consultation on OFT power to suspend consumer credit licences

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

Legal firm Lawgistics said it envisages that the power will be exercised in examples such as a loan shark using violence, but it may well be that where a car dealer, is selling a large number of clocked or 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, said Lawgistics.



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