Credit licence Refused
5 January 2006
The OFT has refused the consumer credit licence application of Shaun Peter Finnegan, a prospective credit broker, based in Doncaster.
The adjudicator decided that she was not satisfied that Mr Finnegan was fit to hold a licence because he had committed two offences involving violence. His application was refused.
In considering fitness, the OFT will take into account a number of factors including:
- any offence or conviction of violence or dishonesty carried out by the business or anyone involved in running the business.
- failure to comply with the provisions of the Consumer Credit Act or other consumer protection legislation.
- consumer complaints and how they are dealt with.
- evidence of unfair business practice.
- evidence of discrimination on grounds of sex, colour, race or ethnic origin.
Christine Wade, Director of Consumer Regulation Enforcement said:
"The very serious nature of Mr Finnegan's convictions has resulted in the adjudicator's decision to refuse his application for a credit licence."
NOTES
1. The Consumer Credit Act 1974 requires most businesses that offer goods or services on credit or lend money or are involved in activities relating to credit or hire to be licensed by the OFT.
2. The OFT can refuse or revoke a licence if it decides that a trader is not fit to hold one.
3. It should be noted that proceedings by the OFT under the Consumer Credit Act are not the same as those of a court and the adjudicator's findings under the Act are not the same as convictions by a court. Therefore, where the adjudicator finds that an offence has been committed or a provision of the law has been contravened, it does not mean that the person concerned has been convicted under court proceedings of that offence or of that contravention.
4. Adjudicators issue and determine licensing Notices under the Consumer Credit Act. They do so on behalf of the OFT, but make individual and independent decisions on fitness based upon the contentions in a Notice, the evidence attached to a Notice and the representations of those to whom the Notices are addressed. Representations may be made in writing and at an oral hearing.
5. An adverse determination (a refusal to grant a licence or the revocation of an existing licence) can be appealed to the Secretary of State for Trade and Industry. Mr Finnegan has until 9 December 2005 to lodge an appeal.
6. The Consumer Credit Public Register is maintained by the OFT. The register documents traders that hold a licence and any action taken against them. It also details traders that have applied for a licence. Enquiries can be made to the Consumer Credit Licensing Bureau on 020 7211 8608.
7. The determination to refuse application number 573641 was published on 9 November 2005. The licence applicant was Shaun Peter Finnegan of 19 Highfield Close, Hatfield, Doncaster, South Yorkshire, DN7 4GA.