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Watchdog closes down rogue broker 'Yes Loans' in the UK



The Office of Fair Trading (OFT) has accused 'Yes Loans' of misleading consumers into believing it was a loan provider rather than a credit broker, and treating customers poorly by not providing refunds in a timely manner.

One of Britain's biggest personal loan brokers, Yes Loans, has been shut down by the OFT over its rogue practices. Dodgy dealings like charging customers an upfront fee even though it was not always able to arrange a loan for them. In spite of previous warnings from the OFT, has had the firm has not improved its practices that led to its license to operate was finally revoked. The shut down also includes two associated businesses, called Blue Sky Personal Finance and Money Worries. The OFT accused Yes Loans of "deceitful and oppressive business practices". The list of deceitful practices included lying to people to trick them into handing over debit or credit card details, and charging fees without telling customers. The rip-off according to the OFT included short-term, high-interest deals – such as payday loans – rather than more affordable credit.

Source: The OFT and The Independent.