At least 62 debt management advice firms have had their licences cancelled in the past year after an Office of Fair Trading (OFT) review into the industry.
Speaking at a debt management conference today, a spokesman for the consumer standards agency revealed it has taken action against 12 more firms since January, pushing the total to 62. Some of the fee-charging firms that had their licences cancelled had been criticised for misleading customers about their charges and for giving incompetent advice. An OFT spokesman said: “We’ve taken the decision to cancel the licences of 62 debt advice firms because the companies had a lack of integrity and were unfit to run the business. “We’ll continue to take tough enforcement action against com...
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