(1) Subject to subsection (2), a person shall not engage in the business of being a credit intermediary unless the person -
(a) is the holder of an authorisation granted for that purpose by the Director, and
(b) holds a letter of recognition from each undertaking on whose behalf the person is a credit intermediary.
(2) The provisions of subsection (1) do not apply to a person who holds a written authorisation under section 97, which is for the time being in force, and who, apart from the business to which that authorisation relates, is not otherwise engaged in the business of being a credit intermediary.
(3) A holder of an authorisation shall only engage in the business of being a credit intermediary in the name specified in the holder's authorisation.
(4) An application for an authorisation shall be in writing and in such form as the Director may determine and shall contain -
(a) the true name of the applicant,
(b) the name under which the applicant trades,
…