Processing times for credit licence applications
We aim to process:
- 90 per cent of low risk applications within 25 working days
- 75 per cent of high risk applications within 50 working days.
Please contact us if your application is:
- low risk and you haven't received your licence within 25 working days
- high risk and you haven't received your licence with 50 working days.
We aim to process your completed application as quickly as possible within the periods referred to above. If however an application raises complex issues we will write to you within the initial 25 or 50 working days extending this period and explaining why the extension to the processing time is necessary.
Tacit authorisation under the Services Directive does not apply to our licensing regime for overriding public interest reasons relating to the health, safety and economic welfare of consumers who may use the services of unfit licence holders or be affected by their activities. This means that if you do not receive a decision on your licence application within the original or extended timeframe we have given you, the licence will not be deemed to have been granted.
If you have not received your licence within 25 working days or 50 working days (low risk and higher risk respectively) please contact our enquiries team by email at enquiries@oft.gsi.gov.uk. Please mark enquiries for the attention of the Credit Licence Enquiry Team.
In exceptional circumstances we may be able to process your application faster. Please write, specifying the reasons you require a fast-tracked application, to ccl@oft.gsi.gov.uk.
Important information
The compliance review undertaken by the OFT into the debt management sector's compliance with our Debt Management Guidance (the Guidance) has shown a high level of non-compliance. Please see Debt Management Compliance Review 2009 for more information.
We are therefore undertaking greater scrutiny of all new applicants who wish to engage in debt management to ensure that traders entering into the debt management sector will operate to high standards and can demonstrate that they have the required level of skills, knowledge and experience.
While we will continue to meet overall performance targets, we should advise that it is currently taking between 6-12 months to reach a decision on this type of application.
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