Tag: OFT

Payday loan company’s licence revoked

Payday loan company’s licence revoked

Credit broker Yes Loans has had its licence revoked by the Office of Fair Trading (OFT) over concern that its business practices ‘deceitful and oppressive’. Two associated businesses, Blue Sky Personal Finance and Money Worries Limited, have also been found to be unfit to hold a consumer credit licence. Following a long-term investigation, the OFT […]

March 9, 2012 More
Loan scam complaints up 50%

Loan scam complaints up 50%

The Office of Fair Trading (OFT) is warning people to steer clear of scam loan companies that take upfront fees but fail to provide credit, or offer unsuitable credit alternatives. The watchdog has seen a 50% year-on-year rise in complaints about loan scams, particularly credit applications that involve upfront fees sent through money transfer companies. […]

August 22, 2011 More
OFT to launch investigation into card surcharges

OFT to launch investigation into card surcharges

Consumer group Which? is concerned about surcharges imposed on to consumers who pay by debit or credit cards. It has therefore asked the Office of Fair Trading (OFT) to investigate the matter – which sees retailers, local authorities, estate agents and cinemas all impose the charges. However, the “worst offenders” are said to be budget […]

February 11, 2011 More
Summer house maintenance a boon to rogue traders

Summer house maintenance a boon to rogue traders

The Office of Fair Trading (OFT) is warning people that the summer is an opportune time for rogue traders who offer home maintenance work on the doorstep. In 2009, the government-funded advice service, Consumer Direct, received more than 5,300 complaints over such offers of work, a 16% rise from the previous year. Complaints peaked from […]

July 22, 2010 More
Cash ISA transfers to speed up

Cash ISA transfers to speed up

Following an investigation into Individual Savings Accounts (ISAs), savers with a cash ISA should find it quicker to switch their money to a different provider. The 90-day investigation, conducted by the Office of Fair Trading (OFT), came after Consumer Focus warned that cash ISAs are depriving savers of £3 billion in interest each year. The […]

June 29, 2010 More
Consumer group calls for investigation into ISAs

Consumer group calls for investigation into ISAs

Consumer Focus has warned that cash ISAs are depriving savers of £3 billion in interest each year. The consumer group has made a complaint to the Office of Fair Trading (OFT) and is calling for an investigation into Individual Savings Accounts (ISAs). ISAs, which were launched a decade ago by then Chancellor, Gordon Brown, and […]

March 31, 2010 More
RBS fined £29m for sharing confidential price information

RBS fined £29m for sharing confidential price information

The Royal Bank of Scotland (RBS), which is 84% state-owned, has been fined £28.6 million by the Office of Fair Trading (OFT) after admitting breaches of competition law. RBS confessed to passing on loan pricing information to its rival Barclays and the OFT began its investigation after receiving a tip-off from Barclays. According to the […]

March 30, 2010 More
Consumers to benefit from overdraft opt-out

Consumers to benefit from overdraft opt-out

Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities. Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red. The announcement comes as the OFT took […]

March 16, 2010 More
Watchdog recommends “shake-up” of estate agency market

Watchdog recommends “shake-up” of estate agency market

The Office of Fair Trading (OFT) is recommending a “shake-up” of the way in which most Britons sell their homes, including new legislation that encourages innovation in the estate agency market. Following a study of the home-buying and selling process, the watchdog concludes: “The housing market remains dominated by traditional estate agents with weak competition […]

February 19, 2010 More
Orange and T-Mobile merger under threat

Orange and T-Mobile merger under threat

The planned merger between mobile phone giants, T-Mobile UK and Orange, is set to be investigated by the Office of Fair Trading (OFT). The OFT said the merger “threatens significantly to affect competition in mobile telecommunications in the UK”. At the time of the proposed merger in September, the two phone giants said a deal […]

February 3, 2010 More
OFT scraps plans to take further court action against banks

OFT scraps plans to take further court action against banks

Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges. At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges. The test case originally commenced in July 2007 […]

December 22, 2009 More
Lloyds seeks to dismiss overdraft cases

Lloyds seeks to dismiss overdraft cases

Last week, the Supreme Court ruled in favour of the banks over the fairness of unauthorised overdraft charges. The legal battle, which has been ongoing since July 2007, came as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair. Since the ruling, […]

November 30, 2009 More
Banks win legal battle over unauthorised charges

Banks win legal battle over unauthorised charges

The Supreme Court has today ruled in favour of the banks over the fairness of unauthorised overdraft charges. The legal battle, which has been ongoing since July 2007, will come as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair. However, Lord […]

November 25, 2009 More
Unfair bank charges – Supreme Court to decide today

Unfair bank charges – Supreme Court to decide today

The ongoing legal battle between seven high street banks and one building society could reach a conclusion today. The Supreme Court will decide whether the Office of Fair Trading (OFT) has the power to assess whether or not bank charges are fair. The case, which has been ongoing for more than two years, could see […]

Wednesday 25 November is judgement day

Wednesday 25 November is judgement day

The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week. Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank […]

November 17, 2009 More
OFT launches online register of dodgy estate agents

OFT launches online register of dodgy estate agents

The Office of Fair Trading (OFT) has launched an online version of its register of dodgy estate agents. Firm’s listed have been given warnings or been banned from estate agency work and the list can be viewed at www.oft.gov.uk/estateagentregister The register can be browsed alphabetically or by date and also provides information on how to […]

OFT report reveals weaknesses of Faster Payments service

OFT report reveals weaknesses of Faster Payments service

A report from the Office of Fair Trading (OFT) has revealed that the new Faster Payments service is not as efficient as it could be. The Faster Payments service was launched to speed up the time taken for electronic bank payments to clear but the report revealed that the service is only running at 69% […]

OFT shuts down 13 debt advice websites for ‘misleading’ customers

OFT shuts down 13 debt advice websites for ‘misleading’ customers

The Office of Fair Trading (OFT) has shut down thirteen websites for misleading consumers. The watchdog said these debt management companies, which have not been named, are using website addresses similar to non-profit organisations and are deliberately misleading customers. Ray Watson, OFT credit director, said “We believe they are misleading consumers by holding themselves out […]

Taxpayer-owned banks pressured to stop overdraft fees

Taxpayer-owned banks pressured to stop overdraft fees

Banks are under pressure to back down from their multi-million pound court appeal in favour of overdraft charges. The banks are currently appealing a High Court ruling from last April that allowed the Office of Fair Trading (OFT) to determine the fairness of bank charges. Some banks were known to charge customers up to £39 […]