MSE News: MPs brand OFT 'ineffective' for not protecting vulnerable

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"A group of MPs has slammed the Office of Fair Trading (OFT) for failing to take tough action against "predatory" lenders who..."
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MPs brand OFT 'ineffective' for not protecting vulnerable

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MPs brand OFT 'ineffective' for not protecting vulnerable

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Its not but the report is terribly one sided and doesn't factor in a whole host of restraints on the OFT.
Also the main complaint that they had about high interest rates and rollovers is something the OFT can NEVER intervene in as credit law does not cover that issue - I note the Govt has done !!!! all for the last few years though..
Probaly because most payday lenders are tory donor`s......
take this letter for instance...
http://www.huffingtonpost.co.uk/2013/05/10/wonga-wants-to-work-with-the-government_n_3253367.html
Haters gonna hate
Ive put this link on the Welfare Reform thread but given the subject here, thought it would be apt
http://www.mirror.co.uk/news/uk-news/bedroom-tax-payday-loan-firms-1926746
You dont have to be an economics or maths genius to see where this will lead.
When will something be done about this as it will cost us all in the long run not to mention the misery and uncertainty of people and families caught up in the never ending spiral of debt coupled now with the real potential risk of losing their homes.
My take