OFT shuts down 62 debt advice firms

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...