• The Office of Fair Trading (OFT) is to be given a new power to suspend consumer credit licences with immediate effect or from a date specified in the notice, where this is urgently necessary for the protection of consumers.
  • The power is expected to come into force in early 2013 and is provided by way of a Government amendment to the Financial Services Bill.
  • The consultation seeks views on these new powers in order to produce guidance on how the OFT will use this new power, including the processes employed for doing so.