MPs slam ???timid??™ OFT over ‘predatory’ payday advances businesses

Regulatory body has not yet done sufficient to tackle ???predatory??™ companies, committee reports

Timid and regulators that are ineffective didn’t tackle ???predatory??? payday-loans businesses which leave clients with ???out of control??? debts, a committee of MPs has warned.

It accuses unscrupulous organizations at the ???shabby end??? for the credit market of focusing on susceptible individuals to sign up for loans which quickly mount as a result of high interest levels ??“ and soon be impractical to repay.

The general public Accounts Committee is scathing in regards to the workplace of Fair Trading??™s (OFT) failure to get at grips using the unsavoury techniques of some businesses, which cost their victims at the very least ??450m a 12 months. Its president, Margaret Hodge, accused the watchdog to be ???ineffective and fearful in the??? that is extreme of passively looking forward to customers??™ complaints before acting.

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