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.