The government is considering handing new powers to the Office of Fair Trading which would allow it to suspend credit licences with immediate effect. Consumer minister Norman Lamb revealed today that the government was considering such a move to address concerns about consumer detriment in areas such as payday lending and debt management. The Department for Business, Innovation and Skills (BIS) released a statement today in response to a committee report on debt management, in which it warned that it anticipates the outcome of the OFT’s compliance report into payday loans will require the industry to deliver further measures to address consumer detriment....Read more here: OFT licence powers could be strengthened