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  • #1

    Rogue money firms face instant closure by OFT

    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.


    BBC News - Rogue money firms face instant closure by OFT
    Tags: advice, bbc, bill, collectors, consumer, consumer credit, credit, debt, debt advice, debt collectors, email, extra, financial, financial services, firms, government, lenders, list, lords, marlin, money, mortimer clarke, office, oft, power, powers, problems, rogue, stop, wrong
  • #2
    Re: Rogue money firms face instant closure by OFT

    Originally posted by pompeyfaith View Post
    The Office of Fair Trading is being given the power to instantly stop debt collectors
    Mortimer Clarke and Marlin should be top of their list, well it will be when I email them with a copy of this link - thanks Pompey mate
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    • #3
      Re: Rogue money firms face instant closure by OFT

      Can't see this helping unless the OFT have a basic change of attitude?

      At the moment with it's current powers the OFT sits there with it's fingers in it's ears going "la la la la la" and ignoring problems until all the damage has been done to the consumer and it's way too late.

      So these will just be some extra powers that they will fail to use until it's too damn late?

      I would love to be proved wrong on the above, but not going to hold my breath.....
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      • #4
        Re: Rogue money firms face instant closure by OFT

        Had Mrs G in mind when I posted it.

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        • #5
          Re: Rogue money firms face instant closure by OFT

          They will just start up again under a different name.

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