Part III Licensing of Credit and Hire Businesses

Issue of licences

27 Determination of applications.

(1)

Unless the F1OFT determines to issue a licence in accordance with an application F2it shall, before determining the application, by notice—

(a)

inform the applicant, giving F3its reasons, that, as the case may be, F2it is minded to refuse the application, or to grant it in terms different from those applied for, describing them, and

(b)

invite the applicant to submit to the F1OFT representations in support of his application in accordance with section 34.

(2)

If the F1OFT grants the application in terms different from those applied for then, whether or not the applicant appeals, the F1OFT shall issue the licence in the terms approved by F4it unless the applicant by notice informs F4it that he does not desire a licence in those terms.

F527AConsumer credit EEA firms

(1)

Where—

(a)

a consumer credit EEA firm makes an application for a standard licence, and

(b)

the activities covered by the application are all permitted activities,

the OFT shall refuse the application.

(2)

Subsection (3) applies where—

(a)

a consumer credit EEA firm makes an application for a standard licence; and

(b)

some (but not all) of the activities covered by the application are permitted activities.

(3)

In order to be entitled to be issued with a standard licence in accordance with section 25(1) to (1AB) in relation to a type of business, the firm need not satisfy the OFT that it is a fit person to carry on that type of business so far as it would involve any of the permitted activities covered by the application.

(4)

A standard licence held by a consumer credit EEA firm does not at any time authorise the carrying on of an activity which is a permitted activity at that time.

(5)

In this section ‘permitted activity’ means, in relation to a consumer credit EEA firm, 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.

28 Exclusion from group licence.

Where the F6OFT is minded to issue a group licence (whether on the application of any person or not), and in doing so to exclude any person from the group by name, F7it shall, before determining the matter,—

(a)

give notice of that fact to the person proposed to be excluded, giving F8its reasons, and

(b)

invite that person to submit to the F6OFT representations against his exclusion in accordance with section 34.