The UK debt industry is under greater scrutiny and debt management firms must raise standards or face enforcement action according to David Fisher, a director of the OFT.

The announcement has come as the Office of Fair Trading begin it’s consultation on new rules to make rogue companies treat their clients fairer.

The debt companies who mislead customers through advertising or wording on their website could face losing their consumer credit licence.

David Fisher, a director of the OFT, said: “This guidance is designed to leave firms in no doubt about the standards the OFT expects and what they must do to comply with the law.”