Credit broker Yes Loans stripped of licence by OFT

[PGH7447]

One of the UK's biggest brokers of loans, Yes Loans, could be put out of business after a regulator found that it conducted "deceitful and oppressive" practices.Its credit licence has been withdrawn by the Office of Fair Trading (OFT), stopping it selling loans.The OFT said customers were charged fees after handing over debit or credit card details for "identity checks". ---------------- http://www.bbc.co.uk/news/business-17298515

[unclebulgaria67]

Why has it taken so long ? Perhaps the OFT will be cancelling many licences before the government gets rid of them at the end of March.

[toptrapper]

About time that OFT showed some teeth. Let's hope this is the first of many.

[Michael Browne]

OFT pulls the plug on Yes Loans

 

Watchdog revokes consumer credit licence for loan broker, which can carry on trade for another 28 days

 

The Office of Fair Trading is revoking the consumer credit licence of one of the UK's largest unsecured credit brokers for "deceitful and oppressive business practices". If successful, it will put payday loans broker Yes Loans out of business – but the firm has 28 days to appeal and can continue arranging new loans in that time due to limitations in consumer credit regulations.

 

The OFT said Yes Loans, which operates through 10 other brands including Blue Sky Personal Finance Limited and Money Worries Limited, is "unfit" to hold a consumer credit licence.

 

As part of an ongoing investigation into credit brokers, the company was found to have used high-pressure sales tactics to persuade consumers to provide their debit or credit card details on the false premise that they were needed for an identity or security check. It was also deducting fees without consumers' consent or making it clear that a fee was payable.

http://www.guardian.co.uk/money/2012/mar/08/oft-yes-loans-consumer-credit-licence?newsfeed=true

[silverfox1961]

You can guarantee they will appeal and probably all the way and in the meantime, they will keep their heads down and behave themselves.

[Cait116]

Yep the cowboys are seeking "legal advice" apparently.

[MARTIN3030]

These are associated trading names that were running under the same licence;

Quick Loans Quick Loans UK Quick Response Loans Quick Response Loans UK Yes Loans Direct Yes Loans UK

[dadofholly]

Why has it taken so long ? Perhaps the OFT will be cancelling many licences before the government gets rid of them at the end of March.

 

? the OFT is going nowhere - but some parts of it are being scaled back.

[Michael Browne]

The licences of Yes Loans and Blue Sky Personal Finance have now been terminated, the OFT has confirmed.

 

Directors were given 28 days to appeal the decisions against the three affiliated companies and today announced they would only contest the decision to revoke the licence of Money Worries.

 

http://www.bbc.co.uk/news/uk-wales-south-east-wales-17621999

 

The Yes Loans and Blue Sky Personal Finance websites have been removed, only Money Worries website remains active

[Hacked_Off]

Can you claim back the fee?