Consumer credit licence changes

New licensing requirements under the Consumer Credit Act 2006 come into force on 1 October, expanding the scope of some categories of ancillary credit business for which consumer credit licences are required.

The changes affect debt purchasing, collection and administration; and credit information services. A leaflet “Do you need a credit licence?” is on the OFT website at www.oft.gov.uk/shared_oft/business_leaflets/credit_licences/oft147.pdf .