More Financial (MFL) Ltd, a loan brokerage company that took money from people in financial difficulties based on misleading claims, was wound up by the High Court on 19 August 2013 following an investigation by the Insolvency Service. The petition to wind up the companies was brought on behalf of the Secretary of State for Business, Innovation and Skills in the public interest. MFL was wound up for taking a “brokerage” fee from clients seeking loans, based on misleading claims made on a number of websites and through telephone sales. The company claimed that its services left virtually no chance of failing to get a loan and that more than 90 per cent of its lenders were not on other comparison websites. It also claimed that it did not charge up front fees, while charging £69.50 ‘processing fees’ for presenting the client with a lender and lender options. In fact, none of those claims were true and all MFL did was to provide details of lenders to the clients who would then have to apply separately. Investigators found that over 50,000 customers had paid the up-front fee between January 2012 and January 2013, including over 10,000 in January 2013 alone. Only one client in every thousand appears to have been successful in their applications......Read more here