FCA takes first criminal action against unlicensed consumer credit lender

On 17 January 2017, Mr Dharam Prakash Gopee appeared at Westminster Magistrates’ Court charged with offences under the Consumer Credit Act 1974 and Financial Services and Markets Act 2000. The prosecution follows a Financial Conduct Authority investigation into Mr Gopee and the companies he controlled.

It is alleged that Mr Gopee conducted a regulated activity without authorisation by acting as a lender of last resort to consumers who were often in difficult circumstances. The FCA believes that Mr Gopee and his companies lent in excess of £1 million in the last four years without holding a consumer credit licence from the Office of Fair Trading or authorisation from the FCA.

The case was sent to Southwark Crown Court and a Plea and Trial Preparation Hearing is provisionally listed for 14 February 2017.

The FCA’s full press release can be read here.