(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.
(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 [F4it] 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).
[F5(9)Subsection (10) applies if a standard licence is issued to an EEA consumer credit firm.
F5(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.]
Textual Amendments
F1Words in s. 22 substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(7)(a); S.I. 2003/766, art. 2, Sch. (with art. 3)
F2Word in s. 22(1)(b) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(7)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)
F3Word in s. 22(1)(b) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(7)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)
F4Word in s. 22(5) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 6(7)(c); S.I. 2003/766, art. 2, Sch. (with art. 3)
F5S. 22(9)(10) inserted (1.12.2001) by S.I. 2001/3649, art. 166
Modifications etc. (not altering text)
C1S. 22 extended (1.1.1993) by S.I. 1992/3218, reg. 57(1)
S. 22 extended (1.1.1996) by S.I. 1995/3275, reg. 34(1)