The Office of Fair Trading (OFT) has suspended the consumer credit licence of Andrew James, the Worcestershire-based car and van dealer trading as Apex Car Finance.
It will now be a criminal offence to use Andrew James’ licence in any credit broking activity.
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It is the second time the OFT has used its power to suspend a licence if "urgently necessary to protect consumers" following the case of Donegal Finance Ltd in June. The suspension also follows the secondment of Mario Theodosiou from the Financial Conduct Authority to the OFT as director of consumer credit enforcement.
The website of Apex Car Finance advertises car finance to those with either ‘good’ or ‘bad’ credit, including those with County Court Judgements, defaults and bankruptcies, the self-employed and those on benefit income.
Andrew James has been asked to make representations to the OFT adjudicator, which will then decide whether to confirm, amend or withdraw the suspension.
richard.brown@timetric.com
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