Licensing

Credit Licences

We are not responsible for issuing licences for businesses who want to offer credit or lend money to consumers, or wants to allow customers time to pay for goods and services.

A credit licence must be obtained from the Consumer Credit Licensing Bureau of the Office of Fair Trading under the Consumer Credit Act 1974.

General information

The following types of business must be licensed with the Office of Fair Trading:

Consumer credit
Consumer hire
Debit adjusting and debt counselling
Debt collecting
Credit reference agencies
Canvassing credit off trade premises

The Office of Fair Trading holds a public record of all licensed traders and of all those who have applied for a licence. They can provide details to the public about its licensed businesses, such as the type of activities they cover, their authorised trading names and main business address.

In December 2003, the government proposed changes to the consumer credit market. Their proposals include strengthening credit licence rules, giving the Office of Fair Trading the power to fine moneylenders and make surprise raids on debt companies, and making small print bigger on adverts for financial products.

For more information see the Office of Fair Trading website.