This will depend on what your business does. Under the Consumer Credit Act 1974 most businesses that provide goods and services on credit or for hire, lend money or provide debt collecting, debt counselling or debt adjusting services to consumers need to have a credit licence.
The Office of Fair Trading (OFT) is responsible for credit licensing.
The OFT website sets out the types of business which are likely to need a credit licence.
Office of Fair Trading (external website)
Important information
Some financial businesses are regulated by the Financial Services Authority (FSA). You may need to check with them as to whether or not you need to be authorised.
Financial Services Authority (external website)
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You can make an online application for a consumer credit licence using the Office of Fair Trading (OFT) website.
Office of Fair Trading (external website)
Important information
Before you make an application for a credit licence you should read through the information on the OFT website to make sure you understand whether you need a licence, the category of licence needed for your business, the information and supporting documents required and what fee you need to pay.
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The following organisations offer advice or information to businesses.
The Office of Fair Trading (OFT) is a central government body. Its role is to promote and protect consumer interests throughout the UK, while ensuring that businesses are fair and competitive.
Office of Fair Trading (external website)
The Department for Business, Innovation and Skills (BIS) is a central government department. One of its roles is to help to draft and regulate many of the UK laws, regulations and guidelines on advertising, package travel and timeshare, pricing and product description that help protect consumers and businesses from unscrupulous practices.
Department of Business, Innovation and Skills (external website)
Business Link is a government online resource for businesses. It contains essential information to support businesses with guidance on regulations.
Business Link (external website)
Everything Regulation, Whenever It’s Needed (ERWIN) website has been set up by the East of England Trading Standards Association Limited (EETSA) to provide regulatory services information in an innovative way that will make it more accessible and useful to businesses.
Everything Regulation, Whenever Its Needed (external website)
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The Office of Fair Trading (OFT) gives some guidance on credit advertising on its website.
Office of Fair Trading (external website)
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Further information about practical information on weighing equipment in use for trade can be found on the credit brokers - fees (information supplied by the Trading Standards Institute) page.
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