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The Office of Fair Trading (OFT) has called on businesses that provide debt administration services to ensure they comply with changes to the consumer credit licensing system set to come into effect later this year.
Such organisations will now be required to have a relevant license provided by the OFT from October 1st, while a new category has been set up for businesses administering debts under consumer credit or consumer hire arrangements for creditors.
David Philpott, deputy director of consumer credit at the OFT, said the new requirements for businesses providing such services forms part of the government's efforts to apply a system of stronger regulation to the credit markets.
"Businesses wishing to provide these services from October 1st onwards will need to satisfy the OFT that they are fit to do so," he explained.
Organisations that do not have a licence but continue to offer these types of services after this date will face prosecution, the OFT warned.
Last week, the office launched a new online version of its consumer credit register to help businesses and members of the public to access the information more easily.
