The OFT has today published guidance which sets out the standards it expects from credit brokers and intermediaries.

It sets out the OFT’s view on unfair practices relating to advertising and sales, refunds  and complaints handling.

Unfair practices include (in the opinion of the OFT):

  • charging fees upfront
  • unauthorised debiting of customer accounts
  • inappropriate requests that customers use premium rate telephone numbers
  • failure or delay in refunding fees.
It must be remembered that this is guidance only, an expression of opinon of the OFT, it does not have force of law.
The legislation, The Consumer Protection from Unfair Trading Regulations 2008, is little litigated and tested.

OFT publishes guidance for credit brokers and intermediaries  – The Office of Fair Trading.