Credit brokers
If you introduce people to sources of credit you are viewed as a credit broker and are required to have a consumer credit licence for your business. Consumer credit licences are controlled by the Office of Fair Trading. For further information on eligibility and the application process see http://www.oft.gov.uk/advice_and_resources/resource_base/credit-licence/
Illegal Money Lending
Consumers who find themselves excluded from credit channels due to a poor credit history, an inability to manage finances or because their income is simply too low to provide reassurance, may resort to illegal money-lenders.
Illegal money lenders, who are unlicensed (lending without a credit licence) and operate outside the law, are commonly referred to as loan sharks. These loan sharks not only take advantage of vulnerable borrowers but also bring disrepute to legitimate lenders.
In September 2007 John Hutton, the Secretary of State for Business Enterprise and Regulatory Reform announced that London Trading Standards has been given funding of almost £450,000 to set up new undercover teams that will go into the community to hunt down and expose loan sharks as well as find ways to help their victims.
Contact us:
Waltham Forest Trading Standards
Environment and Regeneration
Waltham Forest Council
Sycamore House
Forest Road
Walthamstow E17 4JF
Email wfdirect@walthamforest.gov.uk
Tel 020 8496 3000
