OFT director of consumer credit, Ray Watson
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Debt advisers surrender licences to OFT

The licences of 35 debt management firms have been surrendered to the Office of Fair Trading because they could not show that they met its rules.

The OFT's director of consumer credit, Ray Watson, said the agency had decided to launch a review in response to the rapid growth of the sector in recent years.

Mr Watson told the BBC they found "some advisers were not properly trained, that they were selling products really with a view to making as much money as they could for themselves, rather than with a view to the interests of their clients".

  • 28 Jan 2011