A Manchester-based credit broker and debt management provider has had requirements imposed on him by the Office of Fair Trading (OFT), following a probe into his business.
Mr Nasser Mohammed Yusuf, who uses trading names such as Advance Money Management and Loans 4 U, has been obliged to refund brokerage fees to consumers where no loan has been provided.
He must also comply with the OFT’s Debt Management guidance and has been made to implement adequate complaints handling procedures.
The OFT has said that it can impose requirements on a credit licensee when it has concerns over a licensee’s business practices or compliance with specific consumer protection legislation.
Failure to comply with requirements can lead to further action by the OFT and the imposition of financial penalties of up to £50,000 per breach.
Nigel Cates, Deputy Director of the OFT’s Consumer Credit Group, said: “It is important that all companies, especially those dealing with consumers facing financial difficulty, comply fully with the standards expected of them.
“The OFT will use its powers to ensure that consumers receive a proper standard of customer care and do not suffer detriment as a result of the behaviour of licensed businesses.”
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