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Consumer Credit Act
Article date: 22/01/2014
On 1st April 2014 (a co-incidence, surely?), the Financial Conduct Authority (FCA) will take over the Office of Fair Trading's (OFT) duties in relation to the regulation of Consumer Credit Licences.
What does this mean for your business? Well, if you are an existing licence holder, your licence will automatically expire at midnight on 31st March 2014 and if you continue to conduct consumer credit business after then without taking further action, you will be acting illegally.
Jane Rudge of Higgs & Sons commercial team advises that all current licence holders should contact the FCA as soon as possible to apply for an interim licence. This will enable businesses to continue to trade until after 1st April 2014 when they can make an application to obtain a new full licence from the FCA.
Jane comments: "Many businesses may be contacted by unauthorised bodies offering to help them obtain their interim licences, for a hefty fee of course."
To ensure you are not trading unlawfully and do not get ripped off, contact Jane Rudge for further advice.