OFT uses power to suspend a credit licence for the first time

The power to suspend credit licences was introduced in a amendment to the Consumer Credit Act 1974 that came into effect on 13 February 2012. The OFT has made use of such power in a recent case involving Donegal Finance Limited, a company licensed to offer consumer credit, credit brokerage and debt collecting services. More on the guidelines setting out how and when the OFT may use such power can be found here.