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Debt management firms hand in their licences

31 January 2011
Written by rosalind renshaw

A crackdown on debt management firms has led to 35 of them surrendering their consumer credit licences.

Eight other firms are to have their licences revoked by the OFT, and seven more are under investigation after they failed to respond to a warning letter sent last September.

A further 79 firms which did respond are to have their evidence reviewed and may face enforcement action.

All the firms had been asked to provide evidence of compliance measures by December 16, 2010.

As well as taking enforcement action, the OFT is updating its debt management guidance to take account of new and emerging unfair business practices identified in the course of its review.

Ray Watson, director of the OFT’s consumer credit group, said: “We are determined to improve standards in this sector, as the failings identified by our review are unacceptable.

“Companies providing debt management services should be in no doubt that we will act against bad practice and ensure consumers are protected.”

The OFT has not named any of the companies involved.

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