RESTRICTED COMMERCIAL

REQUIREMENTS IMPOSED BY THE OFFICE OF FAIR TRADING ("the OFT") PURSUANT

TO SECTION 33A AND 33D(4) OF THE CONSUMER CREDIT ACT 1974 ("the Act")

REQUIREMENTS PROPOSED BY AND RELATING TO:

Tower Capital Limited (company registration number 3065199) which holds licence

number 396212 ("TCL ") and whose registered office address is at 15-16 Quay Street,

Newport, Isle of Wight P030 5BG.

For the purposes of these requirements:

( 1) "payday lending" means the provision of small sum cash loans marketed on

a short term basis, not secured against collateral, including loans repayable

on the consumers next payday or at the end of the month and specifically

excluding home credit loan agreements, credit cards, credit unions and

overdraft, and "payday loan" shall be construed accordingly1•

(2) "existing loan" means any consumer credit regulated loan in respect of

which Tower Capital Limited is the creditor of which any part of the amount

due remains outstanding as at the date of these requirements.

THE OFT REQUIRES THAT:

1
Further to TCL' s notification to the OFT on 13 September 2013 that it

ceased offering payday loans, TCL will continue not to offer such loans.

2
For the remainder of the period for which TCL holds a consumer credit

licence or authorisation of any kind from the FCA, it:

a. Will
undertake licensable
activities only for the
purposes of

administering and collecting its existing loans;

b. Will not make any new regulated loans or grant any further rollovers 2

or extensions on any existing loans;

c. Will not enforce any interest held in any property, such interest to

include but not be limited to a charging order, by any means to

1 For the avoidance of doubt, this definition is intended to cover that lending, which on the 13
September 2013 TCL advised it was no longer engaged in.
2 For the avoidance of doubt rollover and or extension refers to any refinancing, renegotiating or
rolling over of loans or parts thereof (whether or not this includes charges, fees and interest or not).

RESTRICTED COMMERCIAL

include written demands, possession proceedings or seeking an Order

for Sale or any similar mechanism save that TCL is not precluded from

accepting monies paid following the voluntary sale of such property

by the equitable and/or legal owner(s); and

3
Where an agreement is made with a customer for repayment using a

debit card, TCL:

a. Will only make one attempt to take monies from that debit card on the

agreed date and for the agreed amount;

b. Will not make any further attempts to obtain payment from the debit

card, nor for a smaller amount until the customer has been contacted

and agreed in writing to its further use;

c. Will confirm the payment method with the customer via email or

letter, prior to any payment falling due, with all new arrangements

agreed with consumers after the date of these requirements;

d. Will not make any further attempts to obtain payment from the debit

card on receipt of oral or written notification by the cardholder that

they do not consent, or wish to cancel or revoke any previously given

consent, to payment being taken by their debit card.

ANY FAILURE TO COMPLY WITH THE ABOVE REQUIREMENTS WILL RENDER TOWER

CAPITAL LIMITED LIABLE TO FURTHER FORMAL ACTION BY THE OFT. THIS COULD

INCLUDE THE IMPOSITION OF FINANCIAL PENAL TIES PURSUANT TO SECTION 39A

OF THE ACT AND/OR THE REVOCATION OF TOWER CAPITAL LIMITED'S CONSUMER

CREDIT LICENCE PURSUANT TO SECTION 32 OF THE ACT.

Authorised signatory on behalf of OFT: ....... ! .. ':'~~ .. ro.s. ............................ .

Name I position:. J..~~!t ... 6.~t~~~ .1 •.• . $.~~! .~. J.~~f:IT.C?~ .. ~-"-~~n .. -~*-~:Y.r:r.

Date: ........ ~~ ... f.§.~r.!-:':.t) .. ,;.~!.~ .............................................................. .

2