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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



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