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OFT rejects credit licence

London accountant and mortgage broker, Twaleeb Ali Mohunger, has had his application for a credit licence turned down by the Office of Fair Trading.

Mohunger had his application refused as he has convictions for perjury, eight counts of theft and two counts of using a forged document.

He also failed to inform the OFT of the complete details of his convictions, which is itself a breach of the Consumer Credit Act.

The adjudicator was not satisfied Mr Mohunger was fit to hold a consumer credit licence and accordingly refused his application. In considering fitness, the OFT will take into account a number of factors including: any offence or conviction of violence or dishonesty carried out by the business or anyone involved in running the business.

Christine Wade, director of Consumer Regulation Enforcement, says: “Mohunger’s convictions, coupled with the fact they weren’t fully declared to us, are serious matters.

“They clearly call into question his suitability to offer credit to consumers.”

The Consumer Credit Act 1974 requires businesses that offer goods or services on credit or lend money or are involved in activities relating to credit or hire to be licensed by the OFT.

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