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The operations of rogue money lenders, debt collectors and debt advice groups could be suspended immediately from next spring, under planned new rules. A 12-week consultation has now started on the proposals to give greater powers to the Office of Fair Trading (OFT). If given the go-ahead, the OFT will have the power to suspend firms' consumer credit licences - and so stop them operating - with immediate effect. At the moment, appeals can hold up such decisions by up to two years. The OFT's powers would only last until the regulation of consumer credit businesses is transferred to the new Financial Conduct Authority (FCA) in April 2014.....Read more here: BBC News - Instant shutdown for rogue firms planned by OFT
Previous Blog pages: Rogue claims management firms to be forced to pay compensation - allaboutFORUMS
Rogue firms can apply for FCA credit licence - allaboutFORUMS
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