Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Loan charges: OFT can suspend consumer credit licences immediately

The government has given the Office of Fair Trading (OFT) the power to suspend a firm's consumer credit licences with immediate effect, which should protect members of the public from rogue companies that purport to assist people struggling with bank charges, credit card claims and other forms of debt.

Currently, the OFT can revoke or suspend these licenses, but firms can launch an appeal and continue trading until the matter is resolved, which can take as long as two years.

However, the OFT will now be able to stop these enterprises from trading with immediate effect when it believes there is an urgent need to protect the public.

Consumer affairs minister Norman Lamb expressed his hope that the move will "put a stop to those companies who exploit vulnerable consumers".

Citizens Advice chief executive Gillian Guy argued her organisation has been calling for this policy for a long time.

She said personnel in the group "warmly welcome this announcement and look forward to engaging in discussions with the OFT".

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801411258-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide