The One Stop Money Shop was perceived to have fallen foul of Consumer Credit (Advertisements) Regulations (CCARs) and after meeting with OFT representatives has agreed to alter its advertising strategy in the interest of clarity.
With debt management problems prevalent across England and Wales, the OFT was keen to ensure that consumers were not being under informed over some of the details of the company’s secured and unsecured loan products.
Alan Williams, senior director of markets, projects and services at the OFT, said: “The regulations governing credit advertisements are designed to ensure that consumers receive essential information about the loans on offer.
“This then allows consumers to make an informed choice. It is important that businesses comply with these requirements when drawing up their advertising,” he concluded.
Operating as the consumer authority in the UK, the OFT is responsible for ensuring that businesses adhere to relevant regulations.