Work of Fair Trading admits it вЂњlacks regulatory powersвЂќ find out this here because it’s slammed by MPs for failing woefully to protect customers from вЂњpredatoryвЂќ lenders.
A damning report by a robust committee of MPs stated the OFT was in fact вЂњineffective and fearful in theвЂќ that is extreme tackling the вЂњshabby endвЂќ associated with credit market, which will be costing borrowers ВЈ450m per year.
The accounts that are public (PAC) criticised the OFT for maybe maybe not using tougher action.
However the OFT hit straight back, claiming it had been using вЂњstrong, targeted actionвЂќ in the regions of risk that is greatest to customers it is held straight straight back for legal reasons.
An OFT spokesman said: вЂњWe are disappointed that the committee have not recognized the constraints of this legislation under that the OFT currently runs whichвЂ¦ had not been built to offer a supervisory way of handling consumer harm that is potential.