OFT 'too timid' over rogue lenders

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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.