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U.K.: OFT aims to increase power to immediately block fraudulent lenders

By  |  October 23, 2012
U.K.: OFT aims to increase power to immediately block fraudulent lenders

The Office of Fair Trading may soon be able to block firms’ consumer credit licenses and immediately halt lending of bad loans if proposed legislation into the matter is approved. The OFT proposed the changes last July to strengthen consumer protection against debt collectors and fraudulent, violent or dishonest lenders. While the OFT currently has the power to suspend consumer credit licenses, any effects against the lenders can take years due to a lengthy appeals process. The proposed changes would allow the OFT to put bans into immediate affect following a checklist of considerations a firm must meet to qualify as a rogue money lender.

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    Full Content: The Telegraph

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