The Consumer Credit Act 1974 requires most businesses that offer goods or services on credit to be licensed by the OFT. Trading without a licence is a criminal offence and can result in a fine and/or imprisonment.
Information on the circumstances in which a consumer credit licence will be required and how to apply for one is available on theOFT’s website.
Website: Office of Fair Trading (OFT) www.oft.gov.uk
[January 2007.]
