The OFT has decided that Yes Loans Limited, one of the UK’s largest brokers of unsecured credit, is unfit to hold a consumer credit licence, as are two associated businesses, Blue Sky Personal Finance Limited and Money Worries Limited.

The OFT found evidence that Yes Loans had engaged in unfair business practices, including:

using high pressure sales tactics to persuade consumers to provide their debit or credit card details on the false premise that they were required for an identity and/or security check
deducting brokerage fees without making it clear that a fee was payable, and/or without the consumer’s consent
failing to introduce some consumers to the product originally sought, frequently arranging short-term, high interest, loans instead
misleading consumers into believing it was a loan provider rather than a credit broker
treating customers poorly by not providing refunds in a timely manner.