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Consumer Credit Licences

Comment 1st July 2010

Many business are constituted as groups of limited companies – usually 100% owned by the top, parent company.

This should be streamlined so that Group licences are available.

I am sure that there are other compliance processes where this principle could be extended such as Data Protection Notification, FSA registration, etc.

Why does this matter?

At present all individual companies are required to hold their own Consumer Credit Licences at a mulitple cost (application fees, renewals, compliance reports, etc.).

Whilst it is probably right that Consumer Credit businesses should be licensed the application of the laws are a clear excess of intellectual socialism over common sense and pragmatism.

Ideally all of the laws and related Statutory Instruments should be reviewed to streamline the application of these laws.

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