Applications for Licences and Fitness to Hold a Licence Etc. Section 32: Winding up of standard licensee’s business
63.Section 32 inserts a new section 34A after section 34 of the 1974 Act. If OFT determines to renew a licence on different terms to the application, to vary it compulsorily, or to revoke or suspend a licence OFT may as part of that determination authorise the licensee to carry on specified activities (for a specified period) which it would otherwise no longer be licensed to carry on for the purpose of winding up or transferring its business. OFT may specify requirements which the licensee must comply with during the period of the authorisation failing which OFT may terminate the authorisation by notice to the licensee. Subsection (5) ensures (inter alia) that a licensee so authorised will not incur criminal liability for carrying on such activities without a licence.