(1) Where -
(a) a consumer credit EEA firm makes an application for a standard licence, and
(b) the activities covered by the application are all permitted activities,
the OFT shall refuse the application.
(2) Subsection (3) applies where -
(a) a consumer credit EEA firm makes an application for a standard licence; and
(b) some (but not all) of the activities covered by the application are permitted activities.
(3) In order to be entitled to be issued with a standard licence in accordance with section 25(1) to (1AB) in relation to a type of business, the firm need not satisfy the OFT that it is a fit person to carry on that type of business so far as it would involve any of the permitted activities covered by the application.
(4) A standard licence held by a consumer credit EEA firm does not at any time authorise the carrying on of an activity which is a permitted activity at that time.
(5) In this section 'permitted activity' means, in relation to a consumer credit EEA firm, an a