Part III Licensing of Credit and Hire BusinessesF3
Licensing principlesF2
S. 24A inserted (16.6.2006 for certain purposes and otherwise 6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {28}, 71(2); S.I. 2006/1508, art. 3(1), Sch. 1; S.I. 2007/3300, art. 3(2), Sch. 2
C125 Licensee to be a fit person.
1
A standard licence shall be granted on the application of any person if he satisfies the F6OFT that—
a
he is a fit person to engage in activities covered by the licence, and
b
the name or names under which he applies to be licensed is or are not misleading or otherwise undesirable.
F41A
The F6OFT shall refuse an application for the grant of standard licence made by a consumer credit EEA firm if all of the activities described in the licence are activities for which the firm has permission, or could obtain permission, under paragraph 15 of Schedule 3 to the Financial Services and Markets Act 2000.
F41B
If an application for the grant of a standard licence—
a
is made by a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, and
b
relates to a listed activity,
the Financial Services Authority may, if it considers that the F6OFT ought to refuse the application, notify him of that fact.
F41C
In subsection (1B) “listed activity ” means an activity listed in F1Annex 1 to Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions or in the Annex to the investment services directive (93/22/EEC) and references to deposits and to their acceptance must be read with—
a
section 22 of the Financial Services and Markets Act 2000;
b
any relevant order under that section; and
c
Schedule 2 to that Act.
2
In determining whether an applicant for a standard licence is a fit person to engage in any activities, the F6OFT shall have regard to any circumstances appearing to F7it to be relevant, and in particular any evidence tending to show that the applicant, or any of the applicant’s employees, agents or associates (whether past or present) or, where the applicant is a body corporate, any person appearing to the F6OFT to be a controller of the body corporate or an associate of any such person, has—
a
committed any offence involving fraud or other dishonesty, or violence,
C1b
contravened any provision made by or under this Act, or by or under any other enactment regulating the provision of credit to individuals or other transactions with individuals,
F5bb
contravened any provision in force in an EEA State which corresponds to a provision of the kind mentioned in paragraph (b);
c
practised discrimination on grounds of sex, colour, race or ethnic or national origins in, or in connection with, the carrying on of any business, or
d
engaged in business practices appearing to the F6OFT to be deceitful or oppressive, or otherwise unfair or improper (whether unlawful or not).
3
In subsection (2), “associate ”, in addition to the persons specified in section 184, includes a business associate.
S. 28A and preceding cross-heading inserted (16.6.2006 for certain purposes and otherwise 6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {35}, 71(2); S.I. 2006/1508, art. 3(1), Sch. 1; S.I. 2007/3300, art. 3(2), Sch. 2