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Business News

OFT says 'no licence' to broker Yes Loans

One of Britain's biggest personal loan brokers, Yes Loans, has been successfully shut down by the Office of Fair Trading after preying on consumers with "deceitful and oppressive business practices".

Yes Loans was notorious for practices such as as charging customers an upfront fee even though it was not always able to arrange a loan for them, tricking people into handing over debit or credit card details, and charging fees without telling customers.

The trading watchdog, which has pursued Yes Loans for three years, revoked its consumer credit licence as well as those of two associates, Blue Sky Personal Finance and Money Worries.

Yes Loans, based in Cwmbran, South Wales, is run by three directors including Simon Chorlton, the son of its founder, Keith Chorlton, who died last year. It posted profits of £2.2m in 2010 and paid £1m in dividends to directors.