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Credit Agencies

Volume 403: debated on Monday 7 April 2003

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To ask the Secretary of State for Trade and Industry if she will list the licensed money credit agencies in the UK; and if she will make a statement. [101284]

The Consumer Credit Act licensing provisions cover a number of credit activities in addition to lending, for example, credit brokerage and debt collection.The number of traders in possession of a current licence to lend money under the Consumer Credit Act 1974 is 102,476. The total number of current licences is approximately 215,000. (Traders can hold more than one category of licence). Since 1996, traders have been permitted to apply for a licence covering all the six categories licensable activity and, therefore, the figure I have just given will include traders who although licensed to do so, do not actually lend money. In addition, the Consumer Credit Act licensing provisions do not apply to traders who only lend amounts in excess of £25,000.