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You're likely to need a consumer credit licence if your business:

• sells on credit
• hires or leases out goods for more than three months
• lends money
• issues credit cards or trading checks
• arranges credit for others
• offers hire-purchase terms
• collects consumer credit debts
• helps people with debt problems
• advises on people's credit standing
• administers agreements for creditors or assignees but does not collect debts
• helps individuals to find and correct records about their financial standing

Credit agreements between businesses

Consumer credit regulations apply to agreements, regardless of the amount of credit or the cost of the hire, where the borrower or hirer is:

• an individual
• a sole trader
• a partnership with three or fewer partners
• an unincorporated association

In general, credit agreements between businesses do not fall under the scope of the regulations, particularly if the credit amount is greater than 拢25,000. You should seek legal advice before entering a credit agreement with another business.

Unless your business is a credit reference agency, you're unlikely to need licensing if you:

• only deal with limited companies or Limited Liability Partnerships
• offer no other form of credit than accepting credit cards issued by someone else
• allow customers to pay their bills in four or fewer instalments over a year

Remember - the rules don't just apply to specialist credit businesses. If, for example, you run a small retail business that offers credit terms or hires out goods to consumers, you should check whether you need to be licensed.

If your business requires consumer credit licensing and you trade without being licensed, you're committing a criminal offence that could result in a fine or a prison sentence - or both.

The Financial Conduct Authority (FCA) issues consumer credit licences. To apply, you should first , such as a business plan and your employment history. You can then use the FCA's  to apply.

Criteria for consumer credit licences

The FCA will only license applicants if they are a 'fit person' to be licensed. As well as your activities, those of your employees, agents or associates - past and present - are considered. Factors considered to establish fitness include:

• your competence to engage in the relevant activities
• any offence or conviction connected to the business or anyone involved in running the business
• any evidence of discrimination on grounds of sex, colour or race
• failure to comply with the Consumer Credit Act 2006 or other consumer protection laws
• any consumer complaints about the business
• business practices that are unfair or improper, or could otherwise damage the interests of consumers
• evidence of irresponsible lending
• insolvency, bankruptcy or disqualification as a director
• adverse information from other regulators, professional bodies, trade bodies, consumer organisations or other traders
• unauthorised use of the FCA name or logo (on letterheads or websites) to suggest that the business is 'approved' by the FCA
• failure to comply with general or specific guidance on fitness to hold a consumer credit licence

The FCA can revoke a licence after it has been issued if it receives evidence that calls into question the fitness of a licensee. It can also impose requirements on licensed businesses if dissatisfied with any aspect of the licensed activities.

Holding a consumer credit licence

A licence will be issued in the name of your organisation - if you're a sole trader it will be in your name. However, it must include any trading name under which your business intends to carry on consumer credit activity. It's a criminal offence to carry out any business activity that needs a consumer credit licence under a name that's not licensed.

If your business is made up of several companies, each engaging in a business activity for which a licence is needed, you must obtain licensing for each company.

Once you're licensed you must notify the FCA of any changes to your business. This includes changes to the officers of a company holding the licence, its controlling companies, members of a partnership, or even the business address. You must also notify the FCA of other relevant information such as court orders against the business. You must do this within 21 days of the change taking place.

You'll be listed as a licensee on the . 

If you offer or provide credit to consumers, you must comply with the Consumer Credit Act and all relevant regulations. The terms of the contract must also meet the Unfair Terms in Consumer Contracts Regulations - see customers' rights to challenge unfair contract terms.

If you don't correctly follow consumer credit rules, enforcing a credit agreement against a customer will only be possible using a court order. Certain agreements that were made before 6 April 2007 may not be enforceable at all.

For advice on regulations you must follow when advertising credit arrangements, see rules on advertising credit.

Pre-contractual information and agreement documents

You must ensure the proposed credit agreement is adequately explained to the borrower. This should cover:

• any features of the agreement that may make the credit offered unsuitable for particular types of use
• how much the borrower will have to pay periodically and - where it can be calculated - in total
• any potentially adverse features which may operate in a way the borrower might not expect - eg how repayments are allocated for credit cards
• the cost and other consequences of missing payments
• the borrower's right to withdraw from the agreement, any effects this will have and how to do it

In certain circumstances, this explanation must be provided orally.

Pre-contractual information must be given in good time before the borrower enters into the agreement. This must be easy to understand and contain key financial information, including:

• the amount of credit
• the credit period
• the total amount payable
• examples of the amount payable if the debt is repaid early
• the interest rate
• the annual percentage rate (APR)
• any other fees or charges - eg for missing a payment

Note that the Consumer Credit Directive has changed the rules for calculating the total charge for credit (TCC) which the APR is based on.

You can find advice on how the TCC must be calculated in the Department for Business and Trade guide to consumer credit rules. .

The borrower must be allowed the opportunity to ask questions and have the agreement explained further. They must also be advised to consider the pre-contractual information and be able to take this away to shop around. In most cases it must be provided in a standard format - the Pre-contract Credit Information form - to aid comparability and understanding.

As with the pre-contractual information, there are rules on what must be included in the credit agreement document which the borrower signs. This document must also be clear, concise and easy to understand.

Once signed, you must give a copy of the credit agreement - and any other documents it refers to - to the borrower, unless it's identical to one you have already provided. In which case, you must tell them in writing that the agreement has been executed and that they can ask for another copy of it within 14 days.

Credit checking and declining customers

You must assess a potential borrower's creditworthiness before granting credit or significantly increasing credit already given. This needs to be based on sufficient information - obtained from the borrower where appropriate and from a credit reference agency where necessary.

If you refuse credit based on information from a credit reference agency, you must let the borrower know this and give them the agency's contact details.

Providing information during the agreement

You must give the customer a copy of the signed agreement along with details of their cooling-off rights. And they can ask for a further copy at any time.

All customers must be given regular statements. They can also request additional statements - as often as once a month.

If the customer misses payments or falls behind by more than a certain amount, you must provide notices of sums in arrears. You must also give notice if you intend to impose a default sum - eg if they breach the agreement by missing an instalment - or to charge interest on this.

You must notify the borrower about any changes to the interest rate payable - generally in writing before the change takes place. The borrower must also be informed if the debt is sold or transferred to a third party, unless arrangements for servicing the debt are unchanged.

Any enforcement, default or termination notice you send must be in paper format and must contain prescribed information.

Cooling-off rules

In most cases, the borrower has a right to withdraw from a credit agreement within 14 days of signing, without giving reason. Or within a day of receiving a copy of the executed agreement - or notification of the credit card credit limit - if this happens after the 14-day period.

If a borrower makes use of the cooling-off period they must repay the credit, plus interest for each day the credit was drawn from. Cooling-off rights are not intended to allow customers to return goods or services without sufficient reason.

The right of withdrawal applies to all regulated consumer credit agreements, except:

• agreements for credit exceeding 拢60,260
• agreements secured against land
• restricted-use credit agreements to finance the purchase of land
• agreements for bridging loans in connection with the purchase of land

Early settlement and termination

The customer can at any time ask for information on the sum payable to settle an agreement early. You must calculate this sum in the way set down in the regulations. The customer also has the right to make a partial early settlement. In certain circumstances, you can claim compensation for early repayments. This applies if it's fair and the amount is no more than 1% of the amount repaid early, or 0.5% if the agreement has a year or less to run.

A borrower can end an open-end agreement at any time - subject to a notice period that must not exceed one month. As the creditor, you must give at least two months' notice to end the agreement, and this must include fair reasons for termination. Certain situations are exempt from this notice period - for example, to help prevent crime.

There are separate rules relating to the termination of a hire-purchase or conditional sale agreement.

Other key points

If the credit is to finance the purchase of goods or services, the consumer has the right of redress from you or the supplier or both in respect of misrepresentation or breach of contract.

You must not harass debtors or use 'undesirable' debt-collection methods, eg sending out documents that look like a court summons or other official documents.

Consumers have the right to complain about lenders and other credit businesses to the (FOS).

In certain cases, the consumer may be able to challenge the agreement in court and obtain redress on the grounds that the relationship as a whole is unfair to the borrower.

There are a number of rules you may have to comply with if you advertise credit or hire arrangements. These rules cover all different mediums - such as print, radio, television, the internet, telephone canvassing and text messaging.

The rules are designed to make sure consumers get an accurate idea of the type of credit or hire on offer and its cost.

Key points on credit advertisements

All consumer credit advertisements must be easy for potential customers to understand - ie legible or clearly audible and in plain language. If an offer is dependent on security being provided, the nature of this must be specified.

If an advertisement includes an interest rate or any amount relating to the cost of the credit, a representative example of the offer must also be included. This includes when an advertisement refers to an offer of 0% credit.

The example needs to be representative of agreements which are expected to result from the advertisement and - in most cases - must include the following standard information:

• the rate of interest - rules on how this can be presented depend on the terms of the credit agreement
• any fees or charges included in the total charge for credit
• the total amount of credit - the sum available to the borrower, so excluding any financed charges
• a representative annual percentage rate (APR) - this must reflect at least 51% of the business expected to result from the advertisement
• the duration of the agreement - not required for open-end agreements
• the total amount payable - not required for open-end agreements
• the amount of each repayment of credit - not required for open-end agreements
• if relevant, the price plus any deposit required to pay cash for the goods or services instead

This standard information must be clear, concise and presented together. For example, with a print advertisement, the information could be grouped in a box and mustn't be scattered around the page.

Each item of standard information must be given equal prominence, while also being more prominent than any other details in the advertisement that relate to the cost of the credit.

For advice on how these rules apply to advertising via the internet, text message, radio or television - .

Remember that if your credit deal requires payment protection insurance, its cost must be reflected in the APR that you specify.

Restricted expressions

The regulations contain a list of expressions that cannot be included in a credit advertisement unless certain conditions are met. This includes the terms "interest-free" and "overdraft".

Advertisements subject to tighter rules

Additional rules for displaying a representative APR are likely to apply if your advertisement falls into one of the following categories:

• it's aimed at consumers with low credit ratings
• it makes comparisons with other credit deals or credit providers
• it offers any incentive to take out credit

If you hire out or lease goods to consumers for more than three months you're likely to need consumer credit licensing. See does my business need a consumer credit licence?

You must also provide your customer with a written hire agreement informing them of their rights and duties under the Consumer Credit Act 1974.

Consumers generally have the right to cancel a hire agreement and return the goods after 18 months.

You must also comply with other rules under the Consumer Credit Act 1974, including the regulations on credit advertising.