UK Money News
7th April 2008
FSA to take a bite out of loan sharks
Loan sharks are to find it increasingly tougher to operate under new reforms announced by the government.
The measures will cede greater powers to the Financial Services Authority (FSA) which will impose much more stringent conditions on such lenders wishing to be granted a consumer credit licence.
FSA inspectors are to pay particular attention to the practices used for collecting loans in a bid to stamp out the use of intimidation.
Meanwhile, the Office of Fair Trading will be given the power to strip firms of their licences and to issue punitive fines of up to £50,000.
John Hutton, secretary of state for business and enterprise, said: "There will be more protection for people who get caught out by rogue lenders who pretend to play by the rules but act like loan sharks.
"Pressure sales techniques, unfair terms and conditions, extortionate interest rates or aggressive debt collection practices will not be tolerated."
The announcement of the reforms was welcomed by debt charity Citizens Advice, which said they would help to "clean up the market".
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