The Office of Fair Trading is being given the power to instantly stop rogue money lenders, debt collectors and debt advice firms from operating. The government is amending the Financial Services Bill, which is currently in the Lords, to give the OFT the power to suspend firms' consumer credit licences with immediate effect. At the moment appeals can hold up such decisions by up to two years. Consumers' association Which? said the move was a "good step forwards". "Our research has found that people taking out payday loans are often caught in a downward spiral of debt," said Richard Lloyd, executive director of Which?.....Read more here: BBC News - Rogue money firms face instant closure by OFT