Which? wants action on dodgy credit firms

Which? is calling for swift action on credit firms and lenders who are caught breaking the rules. Today the OFT revoked the licence of credit broker, Yes Loans, for ‘deceitful and oppressive business practices’. 

Which? executive director, Richard Lloyd, says:

“It’s good to see the regulator taking tough action on dodgy credit firms and we hope that this sends a strong message to other credit brokers. Clearly the OFT judged that outfits like Yes Loans base their business on taking advantage of vulnerable people.

“With increasingly squeezed household budgets, more people are turning to credit brokers and payday lenders for a quick cashflow solution. It’s vital that regulators keep a close eye on providers and deal swiftly and firmly with anyone caught breaking the rules.”

Statement: Financial services