Part III Licensing of Credit and Hire Businesses
Issue of licences
27AF1Consumer credit EEA firms
1
Where—
a
a consumer credit EEA firm makes an application for a standard licence, and
b
the activities covered by the application are all permitted activities,
the OFT shall refuse the application.
2
Subsection (3) applies where—
a
a consumer credit EEA firm makes an application for a standard licence; and
b
some (but not all) of the activities covered by the application are permitted activities.
3
In order to be entitled to be issued with a standard licence in accordance with section 25(1) to (1AB) in relation to a type of business, the firm need not satisfy the OFT that it is a fit person to carry on that type of business so far as it would involve any of the permitted activities covered by the application.
4
A standard licence held by a consumer credit EEA firm does not at any time authorise the carrying on of an activity which is a permitted activity at that time.
5
In this section ‘permitted activity’ means, in relation to a consumer credit EEA firm, an activity for which the firm has, or could obtain, permission under paragraph 15 of Schedule 3 to the Financial Services and Markets Act 2000.