Consumer Credit Compliance

Compliance with the regulatory requirements of consumer credit is essential in order to minimise the risk of enforcement action by either the Office of Fair Trading (OFT) or local Trading Standards Services. Any such action by a regulator is also likely to cause a loss of reputation and have a substantial impact upon the profitability of the business. In some circumstances failure to meet the necessary compliance requirements may also lead to agreements for services being unenforceable.

The OFT expects all licenced businesses to comply with both the applicable legal requirements contained in legislation and all relevant OFT guidance. Ensuring that all aspects of the business are compliant requires appropriate policies and procedures to be set out in compliance documentation and a system of due diligence implemented to ensure those policies and procedures are followed.

Increasingly the OFT is not only requiring licenced businesses to ensure that their own activities are compliant but also to ensure that the activities of any lead generation or introducers that they use are also compliant.

You can out more about how to ensure compliance in your business by visiting the following pages of this site:

If you need help in meeting your compliance obligations or you are facing enforcement action that could jeopardise your licence please visit www.scottrobertllp.com for professional support.

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