§ Kate HoeyTo ask the President of the Board of Trade how many money-lenders lost their licences in the last full year for which figures are available. [44037]
§ Mr. Nigel GriffithsDuring 1997 the Director-General of Fair Trading revoked 35 consumer credit licences.
Information on individual cases is published each year in the Annual Report of the Director-General of Fair Trading, issues of which up to 1996 are in the Library. The Report for 1997 will be published shortly. Information is also published periodically in the OFT Journal "Fair Trading".
§ Kate HoeyTo ask the President of the Board of Trade what penalties are applied to unlicensed money-lenders. [44051]
§ Mr. Nigel GriffithsA trader who offers credit facilities to consumers must be licensed under the Consumer Credit Act 1974. A trader who engages in a consumer credit business without obtaining the necessary licence from the Office of Fair Trading commits an offence punishable by a fine of up to £5,000, if he is prosecuted in a magistrates court, or by an unlimited fine or 2 years' imprisonment or both, if he is prosecuted in the Crown Court.