Workplace of Fair Trading action
The 50 lenders on notice take into account 90per cent of this market, following the OFT discovered difficulties with the way they promoted, charged for, evaluated and dealt with loans. They’re going to want to fix the issues inside their businesses and report back again to the OFT in 12 months. In each situation, in the event that issues remain at this time they might be fined or have their licence suspended.
The OFTвЂ™s action responds towards the findings of these research into just how well loan providers conform to regulations, which uncovered problems that are serious exactly how loans are advertised, charged for, evaluated and prepared by loan providers.