Stricter scrutiny for credit licence applications
Third party debt collectors and debt management businesses that charge a fee for their services are to be more closely examined when they apply for credit licences.
An Office of Fair Trading (OFT) spokesman said such firms were placed in high risk categories and would need to show their "credit competence" before they were granted a licence.
The stricter scrutiny of applicants will start in April next year, Credit Today reported.
