Rogue money firms face instant closure by OFT

[robcag]

Let's hope the OFT actually act with these new powers;

 

http://www.bbc.co.uk/news/business-18909654

 

Rob

[cerberusalert]

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.

 

There's a world of difference between having the power & actually using it.

[Rohannah]

I really hope this happens,SOON

 

Rohannah

[rdm2006]

I wont hold my breath waiting for them to use this power

[BRIGADIER2JCS]

One can imagine certain compliance managers will

be attempting to make ''changes''.

[sillygirl1]

Automatic suspension of licence for 3 months at a time should happen for these companies who clean out peoples bank accounts, and immediate refund of all monies back onto the bank account within 24 hours. This is one of the few levers the company uses as it knows there is little anyone can do as there is no legislation about this currently existing.

[ScarletPimpernel]

Let's see how long it takes them to sort out Andrew Hart and some of the other dire payday lenders.

[Rohannah]

Having friends in high places enables these leeches to thrive,despicable the lot of them.If they are ever to be put back where they belong (under a rock) it will be down to the ordinary men and women of our country,on the other hand they may just implode

Rohannah