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Citizens Advice welcomes OFT’s revoking of Yes Loans’ licence

8 March 2012

Gillian Guy, Chief Executive at national charity Citizens Advice, said:

"As increasing numbers of people struggling with debt become targets for unscrupulous credit brokers, it’s good to see the OFT revoke Yes Loans’ licence. Our 2011 super complaint, Cashing in, called for urgent action to tackle the unacceptable practices of credit brokers, including cold calling and charging up-front fees.

We hope the OFT's action shows that credit brokers won't be allowed to get away with unfair practices any more. But in the meantime, Yes Loans will be free to trade while it challenges the OFT's decision, so the OFT must be empowered to stop this, as a matter of urgency."

Citizens Advice

Notes to editors

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more information in England and Wales see www.citizensadvice.org.uk
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality. For online advice and information see www.adviceguide.org.uk
  3. Citizens Advice Bureaux in England and Wales advised 2.1 million clients on 6.9 million problems from April 2011 to March 2012. For full 2011/2012 service statistics see our quarterly publication Advice trends
  4. Out of 22 national charities, the Citizens Advice service is ranked by the general public as being the most helpful, approachable, professional, informative, effective / cost effective, reputable and accountable (nfpSynergy’s Brand Attributes survey, May 2010).
  5. Most Citizens Advice service staff are trained volunteers, working at around 3,500 service outlets across England and Wales.