OFT advocates regulation for secured loans providers
The Office of Fair Trading has sent out a reminder to remind secured loans firms of the regulations they must adhere to.
The OFT said that despite good practice in the secured loans sector in terms of customer care, management of arrears and selling techniques, there is still room for improvement.
The OFT commented: “Responses to the consultation on this guidance will also be taken into account as part of the wider irresponsible lending project.”
