Power to suspend welcomed

I am delighted that the Office of Fair Trading (OFT) has today announced that it is consulting on how it proposes to use a new power, which will allow it to suspend consumer credit licences with immediate effect.

Regular readers of my site will know that this is an issue on which I have campaigned for many years.

The industry is currently operating in a manner that can and does penalise vulnerable consumers. Voluntary regulation has failed miserably and the new power to suspend gives the OFT the power to crack down on the irresponsible actions of an industry making huge profits on the back of vulnerable and low income borrowers.