OFT refuses to licence debt advice firm

The OFT found that Mr Wilson had no formal training and did not possess the skills, knowledge and experience required to operate a debt advice business.

He was also unable to demonstrate that he had put in place the practices and procedures necessary to provide these services in accordance with the minimum standards set out in the OFT's Debt Management Guidance, and his processes for handling consumer complaints failed to comply with the Financial Ombudsman Service's rules.

Nigel Cates, OFT Deputy Director of Consumer Credit, said:

"Traders applying for a licence to undertake high risk debt advice activities must be able to show that they are fit to do so, as it is the OFT's duty to protect vulnerable consumers from receiving poor debt advice. Businesses that cannot demonstrate the necessary skills, knowledge and experience will not be granted a credit licence."