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Credit card charges: OFT compliance review update

The Office of Fair Trading (OFT) has revealed that 35 debt management firms have given up their consumer credit licences following its compliance review.

In September last year, the OFT warned 129 firms after a review found widespread problems with compliance.

Ray Watson, director of the firm's Consumer Credit Group, said: We are determined to improve standards in this sector, as the failings identified by our review are unacceptable.

"Companies providing debt management services should be in no doubt that we will act against bad practice and ensure consumers are protected."

The OFT is currently updating its debt management guidance to take into account the new unfair business practices that were found in the course of the review.

Along with the 35 firms that have surrendered their licences, a further 15 are now facing licensing action.

The OFT was established in 1973. It enforces consumer protection and competition laws and acts as the UK's economic regulator.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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