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LATEST NEWS & EVENTS OFT addresses debt management issues  Some 129 debt management firms have been informed by the Office of Fair Trading that they may lose their consumer credit licenses unless immediate action is taken to adhere with its Debt Management Guidance. The review made several significant findings, with misleading advertising defined as the most prevalent areas of non-compliance, and other findings included that frontline advisers working for debt management companies are "lacking in competence". An elaborate action plan has been set out to improve standards across the industry, which will focus on providing "robust enforcement action against licensees that fail, or refuse, to change advertising and/or behaviour". Ray Watson, director of the OFT's Consumer Credit Group, said: "People who are heavily indebted, desperate and vulnerable need advice which makes their problem better not worse and should not be exploited. Debt management firms must be clear about their charges and the options available to customers." Last month, the OFT acted on issues in the sector by refusing to licence debt advisor Richard Wilson, after it was found that he was unable to run his business to its standards. Posted by Gaby Hamerton 
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