Rogue loan sharks face shutdown from OFT ROGUE lenders, including those offering payday loans, will be able to be shut down immediately under new plans announced by the Government. Norman Lamb, the Consumer Affairs Minister, said that the Office of Fair Trading (OFT) has been given the power to suspend a company's credit licence immediately if there is "an urgent need to protect the interest of consumers." At present, companies can continue to trade while they appeal the decision to suspend the licence, and the appeal process can last for up to two years. Mr Lamb said that customers can suffer "significant harm" during this time. This will put a stop to those companies who exploit vulnerable consumers whilst dragging matters through a slow legal process. It will also give a boost to legitimate businesses, with the swift suspension of unscrupulous traders," he said. The new measure is part of a concerted approach to strengthen protection around consumer credit, including issues such as payday lending and debt management. We want to encourage, and give the tools to, consumers to take sensible decisions. Lee Manning, from the trade body for insolvency practitioners R3, said that the decision was " a significant step forward in consumer protection." "This will hit rogue companies who provide goods or services on credit, lend money, collect debts or help people with debts," he said. This includes payday loan and debt management companies who break the rules - they have arrived in force on the internet and on our high streets, while regulation has been slow to keep up. The OFT is currently investigating the payday loans industry to see if it complies with guidance about responsible lending. .The final report of the review will be published later this year.