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One of the UK's biggest brokers of loans, Yes Loans, could be put out of business after a regulator found that it conducted "deceitful and oppressive" practices.
Its credit licence has been withdrawn by the Office of Fair Trading (OFT), stopping it selling loans. The OFT said customers were charged fees after handing over debit or credit card details for "identity checks". Yes Loans said it was considering an appeal and would continue to trade. But David Fisher, of the OFT, said: "We will take decisive action to tackle businesses that fail to treat people properly, especially the most vulnerable." .....Read more HERE
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Credit broker Yes Loans stripped of licence by OFT
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#15corpio commentedEditing a commentA loan broker found to have conducted "deceitful and oppressive" practices has decided not to appeal against the loss of its credit licence. Yes Loans, based in Cwmbran, Torfaen, was stopped from selling loans in March after an Office of Fair Trading (OFT) investigation into customer complaints. Directors were given 28 days to appeal against the decision to withdraw credit licences for three associated firms. They say they will only appeal to retain the licence of Money Worries. As a credit broker, Yes Loans was supposed to introduce people who were looking for a loan to businesses willing to provide unsecured credit. The OFT, which had been investigating Yes Loans, found that the business misled some customers into believing that it was a loan provider rather than a credit broker.....Read more here
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