Loan fee scams to be stopped by OFT

The measure is part of a general crackdown by the regulator following a complaint from Citizens' Advice, according to the BBC. Citizens' Advice reported that some unscrupulous firms were cold-calling thousands of potential borrowers and offering loans in return for hefty fees. The OFT is making it mandatory for fees to be refunded if a loan is not agreed. "Our evidence suggests some businesses are deliberately taking people's money upfront with no realistic expectation of finding them the type of loan they need," said John Fingleton, the OFT's chief executive. 'We will continue ...