The OFT today announced that 35 debt management firms have surrendered their consumer credit licences and at least 15 are facing licensing action as a result of an OFT compliance review.
The firms subject to licensing action have the right to make representations to an adjudicator before a final decision is made.Today's announcement follows an OFT warning to 129 firms in September 2010, after its review of the debt management sector found widespread problems with compliance.
Since this warning was issued:
- 35 firms have surrendered their licences
- eight firms have been informed that the OFT intends to revoke their licences
- a further seven companies who did not respond are currently being investigated, and
- 79 firms have submitted evidence, which the OFT will now review.
All firms were asked to provide evidence of compliance measures by 16 December 2010
Full Report from the OFT:
Todays News from the OFT
OFT Begining report Sept 2010
Public Register
Debt management guidance compliance review (OFT1274)
More to Follow........