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OFT announces criminal charges against north London credit company
The OFT has brought charges against London North Securities Limited and its director Harvey Collis, accusing them of carrying on a consumer credit business without a licence.
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OFT announces criminal charges against north London credit company
42/10 23 April 2010
The OFT has brought charges against London North Securities Limited and its director Harvey Collis, accusing them of carrying on a consumer credit business without a licence.
The company's licence lapsed in 2004, and, following an extensive investigation, its application for a new licence was refused in 2007. This was because the OFT determined that the company had 'engaged in business practices appearing to the OFT to be deceitful or oppressive, or otherwise unfair or improper (whether unlawful or not)' and consequently was not fit to hold a licence.
The company and Mr Collis face charges of having engaged, between 2004 and 2010, in activities for which a licence is required under the Consumer Credit Act 1974, without holding such a licence. The first hearing in the case will take place at City of London Magistrates Court on 5 May.
NOTES
More...
OFT announces criminal charges against north London credit company
42/10 23 April 2010
The OFT has brought charges against London North Securities Limited and its director Harvey Collis, accusing them of carrying on a consumer credit business without a licence.
The company's licence lapsed in 2004, and, following an extensive investigation, its application for a new licence was refused in 2007. This was because the OFT determined that the company had 'engaged in business practices appearing to the OFT to be deceitful or oppressive, or otherwise unfair or improper (whether unlawful or not)' and consequently was not fit to hold a licence.
The company and Mr Collis face charges of having engaged, between 2004 and 2010, in activities for which a licence is required under the Consumer Credit Act 1974, without holding such a licence. The first hearing in the case will take place at City of London Magistrates Court on 5 May.
NOTES
- Section 39 of the Consumer Credit Act 1974 provides that it is an offence to engage in any activities for which a licence is required without holding a licence.
- Where an offence is committed by a company with the consent or connivance of a director or other officer, that person may also be convicted of the offence.
- The maximum penalty for individuals convicted of carrying on a consumer credit business without a licence is an unlimited fine and up to two years imprisonment.
- At this stage, no assumption should be made that an offence has been committed.
