The licences will take effect from Aug. 3, 1979—the beginning of the first renewal round of licensing under the Act—and will be valid for three years. They have been issued after detailed discussions both with the Consultative Committee of Accountancy Bodies and with each of the four accountancy bodies concerned.

The decision to grant group licences means that those practising members of the four bodies who already hold (or need to obtain) licences under the Consumer Credit Act for the above categories will not have to apply for renewal of their standard licences when these expire. In these cases, renewal documents relating to these standard licences should be ignored. However, if cover is required for categories additional to the three listed above (or to carry on an activity not arising in the course of practice as an accountant), a renewal application for a standard licence in varied terms would need to be made.

1. Under s. 22(5) of the Consumer Credit Act, the Director General may issue a group licence only if it appears to him that the public interest is better served by doing so than by obliging the persons concerned to apply separately for standard licences.

2. The additional categories outside the scope of the group licences are: Category B—consumer hire. Category E—debt collecting. Category F—credit reference agency.