The Office of Fair Trading (OFT) has refused to grant a consumer credit licence to Stewart Richard Wilson, saying he failed to show he had the required competencies to run a debt advice business.
The credit regulator found that Wilson had no formal training and did not possess the skills, knowledge and experience required to operate a debt advice business.
He was also unable to demonstrate that he had put in place the practices and procedures necessary to provide these services in accordance with the minimum standards set out in the OFT’s Debt Management Guidance, and his processes for handling consumer complaints failed to comply with the Financial Ombudsman Service’s rules.
Nigel Cates, OFT deputy director of consumer credit, said: “Traders applying for a licence to undertake high risk debt advice activities must be able to show that they are fit to do so