What is the OFTs role in relation to consumer credit?
The OFT is responsible for regulating the consumer credit industry in accordance with the powers granted under Consumer Credit Act (CCA) 1974 (the Act), as amended. The functions of the OFT under the Act are: • to administer the licensing system set up by the act • to exercise the adjudicating functions in relation to the issue, renewal, variation and revocation of licences • to monitor businesses carrying out activities under the licences • to superintend the working and enforcement of the Act and the supporting regulations made under it, and • to take steps to enforce the Act and the supporting regulations. A Consumer Credit Public Register is maintained by the OFT. The register records traders who hold licences and any actions taken against them, and also details traders who have applied for a licence. Since 6 April 2008, the OFT has adopted a more targeted, risk based, approach to consumer credit licensing, focusing resources on the areas of highest risk to consumers. As part of th
