The Office of Fair Trading 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.
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.
The company’s licence lapsed in 2004, and, following an 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 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.