'Deceitful' loans firm is banned
A major sub-prime firm accused of "deceitful and oppressive business practices" can no longer broker loans for customers after having its licence terminated, the trading watchdog said.
Yes Loans confirmed it will not appeal against a decision by the Office of Fair Trading (OFT) to revoke its licence after the watchdog found it misled customers.
As a credit broker, the firm introduced consumers looking for a loan to businesses willing to provide one, but the OFT found that it arranged expensive payday loans for some consumers rather than the products they were initially asking about and misled others into believing it was a loan provider rather than a broker.
Yes Loans and an associate business, Blue Sky Personal Finance, have decided not to appeal.