Section 38: Power of OFT to impose requirements on licensees
68.Section 38 inserts a new section 33A after section 33 of the 1974 Act. Section 33A provides OFT with a new intermediate power (additional to existing powers of revocation, suspension or variation of a licence) to impose requirements on licensees. OFT may impose a requirement in relation to a business carried on (or proposed to be carried on) under the licence where it is dissatisfied with any matter in connection with:
a business being carried on, or which has been carried on, by a licensee or associate or former associate of the licensee;
a proposal made by a licensee, or associate or former associate of the licensee, to carry on a business; or
any other conduct of such a person,
whether occurring before or after the person became a licensee.
69.OFT may, by notice, require the licensee to do or not to do (or cease doing) anything specified in the notice to address the matter with which OFT is dissatisfied or to ensure that the same or similar matters do not arise. The requirement must relate to a business that the licensee is carrying on, or is proposing to carry on, under the licence. OFT may take action to impose a requirement whilst dealing with an application for a licence to be issued.