How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
Type Your Law Question Here...
UKSolicitorJA is online now

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.

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
UKSolicitorJA and other Law Specialists are ready to help you