Firms stripped of their consumer credit licenses will be allowed to apply for a new licence once the new financial regulator is established. This means rogue companies removed from the consumer credit market by the current regulator, the Office of Fair Trading (OFT), could have the chance to trade again when the Financial Conduct Authority (FCA) begins operating in 2014. But Emma Thomas from the policy team at the Financial Services Authority (FSA) said any action the OFT had taken against a firm would be a major factor in deciding whether the FCA would authorise it....Read more here