Car dealer loses credit licence

THE Office of Fair Trading (OFT) has revoked the consumer credit licence of a North Wales car dealership.

Vale Road Cars, based in Rhyl, appealed the decision but the Consumer Credit Appeals Tribunal dismissed the case, confirming the OFT’s decision.

The OFT did not give details of the case but said it was responsible, “for ensuring that those businesses engaged in licensable activities, including consumer credit and credit brokerage, are fit and competent to do so.”

OFT Deputy director of consumer credit Nigel Cates said: “It is important that consumers are protected and that licences are removed from those who are not fit to hold them.

“The OFT will continue to take enforcement action against businesses or individuals where necessary.”

Under the Consumer Credit Act 1974 most businesses that offer goods or services on credit or lend money must be licensed by the OFT.