Which? executive director Richard Lloyd said:
“It’s good to see the OFT taking this action but they should name and shame the 17 lenders involved so that customers are aware that they might be due compensation. We’d also like some assurances about how lenders will contact people who were affected but are no longer their customers.
“We want regulators to clamp down on excessive fees and charges so that borrowers are treated fairly whatever form of credit they’re using.”