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OFT threatens to remove Swift’s credit licence

The Office of Fair Trading has warned sub-prime lender Swift, trading as Swift Advances and Swift Securities, that it must improve its lending and collections practices or risk losing its credit licences.

An OFT investigation found Swift was giving secured to loans to customers with poor credit histories or limited access to credit without checking whether they could afford it, verifying their income, taking account of their other financial commitments and fully checking the information provided in the application.

The OFT also uncovered evidence in some cases that Swift failed to fully explain the charges that could be incurred if customers fell into arrears and failed to look for alternative options before taking borrowers to court.

It says Swift must ensure proper assessments of a borrower’s ability to repay the loan are conducted, repossessions are taken as a last resort and must be transparent about its charges.

OFT director of consumer credit David Fisher says: “Credit businesses must lend responsibly – failure to do so can have a very serious impact on borrowers. We require Swift to significantly improve the way it carries out its business. If they fail to comply with these requirements, they will face further enforcement action.”



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Prime Minister David Cameron has succeeded in his fight to limit the UK’s contribution to a second Greek bail-out package. The current package, which amounts to around £98bn, is a combination of funds from eurozone countries and the International Monetary Fund. There had been suggestions cash from EU-wide funds may be used when a second […]

BAM bases new DFM on five risk-graded portfolios

Berry Asset Management says its new discretionary fund management service is a more concentrated version of the bespoke multi-asset portfolios it has been running for wealthy clients for 30 years. The firm created its new platform-based DFM around five risk-graded model portfolios that IFAs can access through the Novia platform from £1,000. The portfolios dovetail […]


Rare stamps show dangers of unregulated investments

I was somewhat bemused by a recent article in a financial magazine which highlighted the issue of Santander Bank having to write to clients to tell them that a guaranteed product they offered some years ago would not be covered by the Financial Services Compensation Scheme in the event of Santander becoming insolvent. What I […]


Sants: Judgement based approach is justified

The Prudential Regulation Authority’s judgement based approach to regulation is justified because regulators have different incentives and more information than individual firms, according to its chief executive designate Hector Sants. The PRA will begin operating in 2013 with a “forward looking” supervisory approach, requiring the regulator to make judgements about what it expects to happen […]


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. This is only the tip of the iceberg with this company….!! they are AWFUL…

  2. Twice these people have employed so called legal bailiffs to my address the most recent end of October I had a unpaid parking ticket from my local authority total cost £94, i telephoned them paid £24 plus £3 charge and stated that i have just lost my job and can try to pay £15 a week they agreed- i had no money the following week so fell 1 week behind exactly 7 days after that a very tall bailiff came to my door stated he was from court working for SWIFT , i tried to say im sorry and start a new job in 2 weeks and he just said you owe me £409.94 my 2 year old was there and a visitor. ireplied how could it be and he said because I come here, he was told to go away and take me to court he shouted up my garden path il take your car then.. how do they come up with these charges? I have complained to Oxford Council because this is a familiar story from everyone who has had contact with these Rogues..

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