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Office of Fair Trading (OFT)

As well as ensuring that good communication channels are open with the FSA, the AFB is committed to working with the loans regulator, the OFT, to improve standards in the secured loans industry.


The OFT is responsible for making markets work well for consumers. They achieve this by promoting and protecting consumer interests throughout the UK, while ensuring that businesses are fair and competitive.


The Consumer Credit Act requires most businesses that offer goods or services on credit or lend money to consumers to be licensed by the OFT. Trading without a licence is a criminal offence and can result in a fine and/or imprisonment. The Act also requires certain credit and hire agreements to be set out in a particular way and to contain certain information.


The Consumer Credit (Advertisements) Regulations 2004 replaced the Consumer Credit (Advertisements) Regulations 1989 on 31 October 2004. The Regulations apply to most advertisements for consumer credit, consumer hire or credit brokerage. They apply to all forms of advertising, including in print (e.g. newspapers, circular letters, flyers, catalogues or billboards), on television or radio, on the internet, on teletext and by way of telephone canvassing.

The following links may be useful for AFB members.

Home Page:
https://www.oft.gov.uk/About/default.htm

Requesting a consumer credit licence:
https://www.oft.gov.uk/Business/licence/default.htm

News and Information
http://www.oft.gov.uk/News/default.htm

Advice on Advertising
http://www.oft.gov.uk/Business/Legal/CCA/advertising.htm

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