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Home Deemar News OFT guidance issued misleading or otherwise undesirable names

OFT guidance issued misleading or otherwise undesirable names

Guidance was issued today regarding undesirable and misleading trading names OFT 1378 April 2012

The guidance applies to any trading name a business uses which is linked to the provision of credit or ancillary credit services. This includes on-line domain names and web-site addresses. It also covers, for example, online names used by ‘lead generators’ where they are engaged in activities for which a credit licence is required.

Businesses must notify the OFT of all trading names under which they carry out licensable activity and must satisfy the OFT that the names are not misleading or otherwise undesirable. Names that are considered to be misleading are likely to be refused on new and renewal licence applications and on application to vary a consumer credit licence.

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