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Press Statement 2012 -
Yes Loans’ licence revoked
29/12 5 April 2012
The OFT has been informed by the First-tier Tribunal (Consumer Credit) that both Yes Loans Limited and its associate Blue Sky Personal Finance Limited have decided not to appeal the OFT's determination to revoke their consumer credit licences.
Their respective licences are now terminated. Yes Loans and Blue Sky Personal Finance Limited can no longer broker credit for consumers.
An appeal has been lodged by Money Worries Limited against the OFT's determination to revoke its consumer credit licence. Until the outcome of the appeal process the licence held by Money Worries Limited remains in effect.
The OFT's decision to revoke the licences was taken in light of evidence that Yes Loans had failed to comply with the Consumer Credit Act 1974 and associated regulations over a prolonged period, and with requirements previously imposed by the OFT.
David Fisher, Director of Consumer Credit at the OFT, said:
'Yes Loans was one of the UK's largest credit brokers and this action sends out a strong message that we will not tolerate inappropriate behaviour by any businesses in this sector, large or small.
'Tough economic conditions mean that more vulnerable people are likely to use services provided by businesses in this sector so it's important that we continue working with industry to drive up standards'.
NOTES
Read the previous press release on Yes Loans: OFT acts to revoke Yes Loans' licence (8 March 2012).
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