OFT 'too timid' over rogue lenders

AOL Money Staff
Updated
Margaret Hodge
Margaret Hodge

Ineffective regulators have failed to get to grips with "predatory" lenders who leave vulnerable customers struggling with spiralling debts, according to a damning report by a powerful committee of MPs.

The "shabby end" of the credit market was costing borrowers £450 million a year, the Public Accounts Committee said, but the Office of Fair Trading (OFT) had not taken the tough action needed to protect consumers.
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