The OFT acts against payday lenders, but not for now

The press release says "OFT acts against payday lenders". This appears to be a slick way of saying they are doing nothing - at least not for now.

Officials found problems from top to bottom with this £2 billion pound sector, but won't do anything for at least three months.

If this seems a little lenient, let's not forget that the payday loan firms have already been warned to put their house in order (see the OFT warning in Nov 2012).

Advertisement

Clamp down on payday lenders

Britain's biggest payday lenders have been threatened with being put out of business after a damning report by the Office of Fair Trading uncovered evidence of "widespread irresponsible lending".