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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
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Experience:  English solicitor with over 12 years experience
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We arrange loans with High Net Worth Clients, secured against

Resolved Question:

We arrange loans with High Net Worth Clients, secured against fine wines, which we store.
We have a Consumer Credit Licence, Cat C.
In the event of default of the loan the wine is transferred to the lender. Do we require a licence categoryin G?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

Yes, it would appear so as you are acting on behalf of a third party lender by storing the wine for them and transferring to the lender in event of default, which would be debt administration.

Hope this clarifies
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