Consumer Credit Act 1974

22 Standard and group licences.U.K.

(1)A licence may be—

(a)a standard licence, that is a licence, issued by the [F1OFT] to a person named in the licence on an application made by him, which, during the prescribed period, covers such activities as are described in the licence, or

(b)a group licence, that is a licence, issued by the [F1OFT](whether on the application of any person or of [F2its] own motion), which, during such period as the [F1OFT] thinks fit or, if [F3it] thinks fit, indefinitely, covers such persons and activities as are described in the licence.

[F4(1A)The terms of a licence shall specify—

(a)whether it has effect indefinitely or only for a limited period; and

(b)if it has effect for a limited period, that period.

(1B)For the purposes of subsection (1A)(b) the period specified shall be such period not exceeding the prescribed period as the OFT thinks fit (subject to subsection (1E)).

(1C)A standard licence shall have effect indefinitely unless—

(a)the application for its issue requests that it have effect for a limited period only; or

(b)the OFT otherwise thinks there is good reason why it should have effect for such a period only.

(1D)A group licence shall have effect for a limited period only unless the OFT thinks there is good reason why it should have effect indefinitely.

(1E)Where a licence which has effect indefinitely is to be varied under section 30 or 31 for the purpose of limiting the licence's duration, the variation shall provide for the licence to expire—

(a)in the case of a variation under section 30, at the end of such period from the time of the variation as is set out in the application for the variation; or

(b)in the case of a variation under section 31, at the end of such period from the time of the variation as the OFT thinks fit;

but a period mentioned in paragraph (a) or (b) shall not exceed the prescribed period.]

(2)A licence is not assignable or, subject to section 37, transmissible on death or in any other way.

(3)Except in the case of a partnership or an unincorporated body of persons, a standard licence shall not be issued to more than one person.

(4)A standard licence issued to a partnership or an unincorporated body of persons shall be issued in the name of the partnership or body.

(5)The [F1OFT] may issue a group licence only if it appears to [F5it] that the public interest is better served by doing so than by obliging the persons concerned to apply separately for standard licences.

(6)The persons covered by a group licence may be described by general words, whether or not coupled with the exclusion of named persons, or in any other way the [F1OFT] thinks fit.

(7)The fact that a person is covered by a group licence in respect of certain activities does not prevent a standard licence being issued to him in respect of those activities or any of them.

(8)A group licence issued on the application of any person shall be issued to that person, and general notice shall be given of the issue of any group licence (whether on application or not).

[F6(9)Subsection (10) applies if a standard licence is issued to an EEA consumer credit firm.

F6(10)The activities described in the licence are not to include 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.]