Tag Archive: Office of Fair Trading
Citizens Advice closes in on payday lenders
The Citizens Advice Bureau has called on the Office of Fair Trading (OFT) to use its new powers to immediately suspend the licences of four payday lenders. From Tuesday of next week, the watchdog will have power to immediately suspend … Read more
RBS and NatWest censured over use of charging orders
The Office of Fair Trading (OFT) has imposed requirements on Royal Bank of Scotland (RBS) and NatWest over their use of charging orders, which place a “charge” on a debtor’s property, turning unsecured debts into secured debts that must be … Read more
OFT launches review of current accounts
The Office of Fair Trading (OFT) has launched a review of the UK’s personal current account market and outlined a longer-term programme of work aimed at addressing competition concerns and a lack of customer focus across the wider retail banking … Read more
Wonga censured by OFT
The Office of Fair Trading (OFT) has censured short-term lender, Wonga and some of its associates, over aspects of their debt collection practices. According to the watchdog, letters and emails have been sent to customers suggesting that they may have … Read more
New guidance for debt management firms
The Office of Fair Trading (OFT) has published revised guidance for businesses offering debt management advice or credit repair services to consumers. The guidance gives examples of “unfair or improper practices” which can render a business unfit to hold a … Read more
Yes Loans stripped of consumer credit licence
Yes Loans Limited, one of the UK’s largest brokers of unsecured credit, has been declared unfit to hold a consumer credit licence, as have two associated businesses: Blue Sky Personal Finance Limited and Money Worries Limited. The Office of Fair … Read more
New guidance for credit brokers
The Office of Fair Trading (OFT) has published fresh guidance for credit brokers and intermediaries, following a number of complaints. The new rules are designed to tackle unfair practices including: 1. Charging up-front fees and then not delivering the promised … Read more
Auditors referred to Competition Commission
The Office of Fair Trading (OFT) has referred the market for the supply of statutory audit services to large companies in the UK to the Competition Commission (CC) for further investigation. For some time, the OFT has been concerned that … Read more
Debt collectors banned from the sick room
Debt collectors have been warned off contacting indebted consumers when they are hospitalised; neither should they be pursued using Facebook or Twitter. The Office of Fair Trading (OFT) has today updated its debt collection guidance for all businesses engaging in … Read more
OFT publishes mental capacity guidance
The Office of Fair Trading (OFT) has published guidance for firms considering granting credit to people who might not have the mental capacity to make informed borrowing decisions. The guidance sets out what consumer credit businesses need to do with … Read more
OFT super-complaint on card charges abroad
“Dubious and complex” charges for overseas cash withdrawals mean that consumers are losing out, with the charging structures applied to cards often “layered on top of one another”. The accusations come from Consumer Focus, which has taken up the cause … Read more
OFT warning shot to debt collectors
The Office of Fair Trading (OFT) is reminding companies collecting consumer credit debts that they must communicate clearly and fairly with consumers and not mislead them. The watchdog’s recent decision to revoke the consumer credit licence of Carltons, a debt … Read more
Big four auditors face competition scrutiny
The Office of Fair Trading (OFT) has provisionally decided to refer the market for statutory audit services to large companies in the UK to the Competition Commission, for a market investigation. With PricewaterhouseCoopers, KPMG, Ernst & Young and Deliotte dominating … Read more
OFT wants ban on debit card surcharges
The Office of Fair Trading (OFT) has put passenger travel companies on notice to change misleading debit and credit card surcharging practices, or face enforcement action under consumer protection laws. Following a super-complaint from Which?, the watchdog is also calling … Read more
OFT: new guidance for unsecured credit brokers
The Office of Fair Trading (OFT) has announced a series of proposed measures regarding marketing and charging practices used by credit brokers and debt management companies. The watchdog is also asking the Government to consider whether new legislation is needed … Read more
OFT voices audit competition concerns
The Office of Fair Trading (OFT) has decided that competition problems in the audit market could warrant a referral to the Competition Commission. The watchdog says it has been concerned for some time about the market for external audit services … Read more
Lords lambast auditors over financial crisis
A report by the House of Lords Economic Affairs Committee is calling for a competition probe into the UK’s Big Four auditors, having accused them of “complacency” and “dereliction of duty” in the run up to the financial crisis. The … Read more
CAB brings super complaint over credit cold callers
Tens of thousands of people are being tricked out of large sums of money by rogue loan finder and debt management firms, a new report from the Citizens Advice Bureau (CAB) states. In response, the charity has lodged a super … Read more
Big four banks review will-writing and executor services
Barclays, HSBC, Lloyds Banking Group and RBS are all reviewing the way they sell will-writing and executor services. Following discussions with the Office of Fair Trading (OFT), which is keen to improve the will-writing market for customers and their beneficiaries, … Read more
OFT sends warning shot to credit brokers
The Office of Fair Trading (OFT) is demanding that credit brokers (firms that introduce customers seeking credit to lenders or other credit brokers) improve the way they deal with customers’ upfront fees. The watchdog has recently revoked the credit licences … Read more