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Tag Archive: Office of Fair Trading

  • Watchdog sets out reforms to DC pensions market

    The Office of Fair Trading (OFT) and The Pensions Regulator have agreed on a set of reforms to the UK’s £275 billion defined contribution (DC) workplace pensions market, having identified problems which mean some savers aren’t getting value for money. … Read more »

  • MP demands investigation into annuity brokerage market

    Birkenhead MP, Frank Field, has written to the Office of Fair Trading requesting a full investigation into the non-advised pension annuity brokerage market, which he claims “looks as though it is operating as a ‘cartel’”. According to Mr Field, the … Read more »

  • OFT seeks views on SME banking

    The Office of Fair Trading (OFT) is to undertake a market study on competition in banking for small and medium-sized businesses (SMEs). The watchdog is currently seeking views on the scope of its study, which will cover all regions of … Read more »

  • 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 »

  • 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 »