(1)Unless the Director determines to issue a licence in accordance with an application he shall, before determining the application, by notice—
(a)inform the applicant, giving his reasons, that, as the case may be, he is minded to refuse the application, or to grant it in terms different from those applied for, describing them, and
(b)invite the applicant to submit to the Director representations in support of his application in accordance with section 34.
(2)If the Director grants the application in terms different from those applied for then, whether or not the applicant appeals, the Director shall issue the licence in the terms approved by him unless the applicant by notice informs him that he does not desire a licence in those terms.
Valid from 06/04/2008
(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.]
Textual Amendments
F1S. 27A inserted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {33(5)}, 71(2); S.I. 2007/3300, art. 3(2), Sch. 2
Where the Director is minded to issue a group licence (whether on the application of any person or not), and in doing so to exclude any person from the group by name, he shall, before determining the matter,—
(a)give notice of that fact to the person proposed to be excluded, giving his reasons, and
(b)invite that person to submit to the Director representations against his exclusion in accordance with section 34.