The firms subject to licensing action have the right to make representations to an adjudicator before a final decision is made.
The OFT announcement follows a warning to 129 firms in September 2010, after its review of the debt management sector found widespread problems with compliance.
Since this warning was issued:
• 35 firms have surrendered their licences
• Eight firms have been informed that the OFT intends to revoke their licences
• A further seven companies who did not respond are currently being investigated, and,
• 79 firms have submitted evidence, which the OFT will now review.
All firms were asked to provide evidence of compliance measures by 16 December 2010.
The OFT is currently analysing the content of the audit reports received from 79 firms and will contact each business to discuss its findings. Those who fail to meet compliance standards may also find themselves subject to licensing action.
As well as taking enforcement action, the OFT is updating its debt management guidance to take account of new and emerging unfair business practices identified in the course of its review.
Commenting, Ray Watson, director of the OFT’s Consumer Credit Group, said: “We are determined to improve standards in this sector, as the failings identified by our review are unacceptable. Companies providing debt management services should be in no doubt that we will act against bad practice and ensure consumers are protected.”
Rightmove sees buyer interest peak
Last Monday saw record numbers of prospective property buyers using Rightmove's website, suggesting a pick up in the number of people looking to move house.
The records not only reveal signs of encouragement for the UK property market but also highlight a curious pattern of behaviour in the way we look for property.
Rightmove director, Miles Shipside, said: “It’s certainly the case that Monday means property day for the UK public. The trend is clear in our recent site traffic records and it is generally the case that Mondays are Rightmove’s busiest days. Moving home is a significant decision and we’ve found that people come together at the weekend to discuss their next property move and then start the working week by doing their research and making enquiries.”
Rightmove recorded over 30m page impressions on Monday 24th January, toppling the previous records of 29m pages on Monday 17th January and 28.3m pages on Monday 10th January.
High volumes of traffic on Rightmove are also a good signal for the UK property market in general. Rightmove is the UK’s largest property website with a market share of 64% of all visits and 83% of all pages viewed among the top four portals (Experian Hitwise, December 2010). The site is used by buyers, renters, vendors and landlords to research the market and make enquiries to agents.
Shipside added: “High levels of activity on Rightmove are encouraging for all areas the property market. Around this time of year many people turn their attentions to their living plans for the year ahead, and to be doing so in such numbers hints at very strong pent-up demand.”
